Zuckerberg, worth $239bn according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it. In response, Meta is creating a new class of non-voting shares via a two-for-one stock split for all existing shareholders. This will allow Zuckerberg to sell some of this new class C shares to pay a potential tax bill, without diluting his control of the company.

How scummy.

But I thought billionaires would flee if we taxed them. Are you telling me there are other compelling reasons that they might wish to stay? Weird, my billionaire paid media told me otherwise.

Haha, they think a one time billionaire tax can’t happen again.

Californians know these people are parasites and are going to keep coming after them until they are gone.

Bro “makes” so much money that he needs a stimulus program to help him make ends meet. Dude doesn’t even have to pay it back. What a poor, difficult life he lives! I shall cry and pray for him while I eat my off-brand Cheerios and wait for my next paycheck that will provide groceries that I must ration for the next month.

/s because you never know if someone thinks I’m serious.

I wish him and his wife a terrible life.

Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years

Cool...

So we can do another "one time" wealth tax again the next 7 years and lil zuck the duck is locked in?

Billionaires wealth and their companies assets have been interchangeable for a long time, just keep fucking take it back from either of them, it accomplishes the same thing.

We just can't stop with the one off.

Two takeaways here:

1. I thought billionaires would leave the state if we taxed them?? Are you telling me there is a compelling reason that either they or their companies might want to stay located in CA? Who would have guessed?

2. I'm OK with this. It is basically a corporate tax now instead of a personal tax. As long as CA gets the billions of dollars it needs from someone, I don't care where it comes from. We should be taxing corporations more and should be taxing billionaires more, but it is a start. Also, this fucks the shareholders who might maybe possibly think of restricting pay packages for him.

"All animals are equal, but some animals are more equal than others."

This is a strong argument for voting on the wealth tax wording every year. If we leave it up to legislators, then they'll "accidentally" leave in the loopholes.

God forbid he man-up and liquidate some of his assets. Pay your fair share, asshole!

Gross.

Perfect as in protect his control of the company, he would still have to cough up some money, he just has shiny new non voting shares he can sell.

Certainly masturbatiry, but making the ultra wealthy dildos pay still.

If they won't give voluntarily..

So meta employees got his back? The money comes from somewhere. If you weren't borderline suicidal working for Meta this should do the trick!

Interesting way to do it

In response, Meta is creating a new class of non-voting shares via a two-for-one stock split for all existing shareholders. This will allow Zuckerberg to sell some of these new class C shares to pay a potential tax bill, without diluting his control of the company.

What will these non voting shares be worth though once they go on the market? Will the voting share price go up and these plummet?

I do like this though, because ive always held that i dont like the idea of someone's voting rights being taken away from unrealized gains. This addresses the issue.

Edit: some companies dont have dual classes shares like this and this isnt a option (e.g Tesla) so maybe the government should alter the laws so companies can do this for this purpose? Not sure what that might do though if they weren't set up for it.

Edit: just to nip some potential issue with my unrealized comment. I consider taking loans out against shares realizing them and we should set up a system to tax that. Its a ridiculous loophole at their level, and i bet it would change how they use their wealth.

That’s just good PR right there. He’ll certainly be more popular now. They’re shooting for just under trump’s popularity.

Very surprised no one has put a bullet through this pos head. He deserves a slow painful death.

Who would buy the non-voting shares?