Zuckerberg Commits to 8 More Years in California to Unlock 80% of New Meta Shares
Updated
Updated · WIRED · Oct 21
Zuckerberg Commits to 8 More Years in California to Unlock 80% of New Meta Shares
3 articles · Updated · WIRED · Oct 21
Summary
A new Founder Alignment Agreement lets Mark Zuckerberg sell 80% of Meta’s planned nonvoting share class over eight years only if he keeps living where Meta is headquartered—currently California.
The deal followed a Sept. 9 board dinner where Zuckerberg said he was considering leaving the state and listing his Palo Alto home because Proposition 40 could impose a one-time 5% tax on billionaires’ stock and other assets.
Meta said the board wanted Zuckerberg physically close to management and its Menlo Park AI operations after pandemic-era disruptions, while the new share class could also help fund costly AI data-center expansion without weakening his voting control.
Zuckerberg can immediately sell 20% of the new shares to cover potential taxes; selling more early would require unloading some voting shares unless unforeseen circumstances justify living elsewhere.
The arrangement may never be tested: California polling suggests Prop 40 is likely to fail after about $129 million was spent campaigning against it.