Meta agrees deal allowing Zuckerberg to manage company while facing potential California billionaire tax

Meta reached an agreement with Mark Zuckerberg, whose fortune is $226bn, allowing him to sell Meta shares without losing control of the California-based company if he faces a large tax bill from a proposed one-time 5% tax on state residents with a net worth over $1bn. This tax measure is yet to pass and is scheduled for a California resident vote on November 3. Meta's special committee deemed it critically important to keep Zuckerberg in a leadership role in California to manage the firm amid industry challenges, particularly in AI development.