The Aporia
Grantham-philips, W., & Austin, S. (2026, October 22). Mark Zuckerberg makes deal with Meta to help him pay California billionaire tax, if it passes. Toronto Star. https://www.thestar.com/news/world/united-states/mark-zuckerberg-makes-deal-with-meta-to-help-him-pay-california-billionaire-tax-if-it-passes/article_adb3ca44-68f5-5a08-9cd6-b4ec68e0017d.html
Grantham-philips, Wyatte, and Sophie Austin. “Mark Zuckerberg makes deal with Meta to help him pay California billionaire tax, if it passes.” Toronto Star, 22 Oct. 2026, https://www.thestar.com/news/world/united-states/mark-zuckerberg-makes-deal-with-meta-to-help-him-pay-california-billionaire-tax-if-it-passes/article_adb3ca44-68f5-5a08-9cd6-b4ec68e0017d.html.
Grantham-philips, Wyatte, and Sophie Austin. “Mark Zuckerberg makes deal with Meta to help him pay California billionaire tax, if it passes.” Toronto Star, October 22, 2026. https://www.thestar.com/news/world/united-states/mark-zuckerberg-makes-deal-with-meta-to-help-him-pay-california-billionaire-tax-if-it-passes/article_adb3ca44-68f5-5a08-9cd6-b4ec68e0017d.html.
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Meta CEO Mark Zuckerberg threatened to leave California if voters approve Proposition 40, which would impose a one-time 5% wealth tax on billionaires with assets over $1 billion. To placate Zuckerberg's concerns about losing control of his company due to potential asset sales needed to pay the tax, Meta’s board agreed to give him non-voting shares that he can sell without diluting his voting power. This deal requires Zuckerberg to remain a resident in California or wherever Meta maintains its headquarters for eight years. The proposal could impose a $12 billion tax on Zuckerberg's wealth of approximately $250 billion. Proposition 40 is part of the November 3 midterm elections and has sparked significant debate and campaign spending, with polls suggesting a tight race.
The wealth tax is before California voters in the election that concludes Nov. 3. If passed, the measure would levy a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion.