Meta Platforms has signed an agreement with CEO Mark Zuckerberg requiring him to continue residing in the jurisdiction where the company’s headquarters is located for the next eight years, according to ChainCatcher. The arrangement was described as a response to a proposed wealth tax in California, which could leave Zuckerberg facing a tax bill worth several billion dollars if the measure moves ahead. The agreement also allows him to sell part of his Class C shares to secure liquidity and address potential tax obligations tied to California Proposition 40. The report did not provide additional details beyond the residency requirement, the proposed tax exposure, and the share-sale provision.
Meta Platforms has signed an agreement with CEO Mark Zuckerberg requiring him to continue living in the jurisdiction where the company’s headquarters is located for the next eight years, according to ChainCatcher.
The move is intended to address a proposed wealth tax in California. If the proposal advances, Zuckerberg could face a tax bill worth several billion dollars.
The agreement also permits him to sell part of his Class C shares to provide liquidity and deal with potential tax burdens linked to California Proposition 40.
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