Mark Zuckerberg considered leaving California due to proposed wealth tax

Mark Zuckerberg is considering relocating from California due to a proposed 5% wealth tax on billionaires. The Meta CEO informed a special committee about his potential move, highlighting its implications for the company. Meta announced plans to create a new class of shares allowing Zuckerberg to sell half his stake while retaining voting rights, contingent on him staying in California for eight more years. The company emphasized the importance of his leadership amid industry challenges. The wealth tax proposal will be voted on in November during the midterm elections, potentially taxing a portion of Zuckerberg's estimated wealth.