ISTANBUL, October 23 2026, Meta chief executive Mark Zuckerberg considered relocating his primary residence outside California amid a proposed wealth tax targeting billionaires, according to a company regulatory filing.
Meta told the US Securities and Exchange Commission (SEC) that Zuckerberg had been evaluating a move, raising concerns about the potential implications for the company’s future leadership.
Following extensive negotiations, Meta reached an agreement aimed at keeping Zuckerberg’s executive base in California.
Under the arrangement, the company plans to establish a non-voting share class that would allow Zuckerberg to sell up to half of his economic holdings over eight years to meet potential multibillion-dollar tax obligations while retaining his voting control.
A special committee determined that Zuckerberg’s leadership remained essential as Meta increases its investment in artificial intelligence (AI). The committee also emphasised the importance of his presence at the company’s headquarters to support direct collaboration with Meta Superintelligence Labs.
The agreement comes ahead of a Nov 3 ballot initiative in California, which coincides with the US midterm elections. The proposal seeks to introduce a one-time 5 per cent tax on residents whose assets exceed US$1 billion.
— BERNAMA
