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Meta filing says Zuckerberg threatened to leave California over wealth tax

Company disclosure ties a new nonvoting stock class and an eight-year residency pledge to the Nov. 3 Proposition 40 vote.

Updated Oct 22, 2026 · 20:25 UTC4 reports

The short version

  • Meta's regulatory filing says CEO Mark Zuckerberg threatened to leave California if voters approve Proposition 40, a proposed one-time 5% billionaire wealth tax.[CBS News]
  • Meta's board approved a new class of nonvoting stock that Zuckerberg could sell to pay the tax if voters approve it.[CBS News]
  • Zuckerberg has told Meta he will commit to remaining a California resident for eight years.[CBS News]
  • Stanford University economists question whether the tax could backfire and reduce projected revenue.[CBS News]

Key facts

  • Meta's regulatory filing says Zuckerberg threatened to move out of California if residents approve the proposed billionaire wealth tax.[CBS News]
  • Proposition 40 would impose a one-time 5% state tax on billionaire wealth and appears on the Nov. 3 California ballot.[CBS News]
  • Meta's board approved a nonvoting common stock class that Zuckerberg can sell to raise cash for the tax, if voters approve it.[CBS News]
  • Zuckerberg has told Meta he will commit to remaining a California resident for eight years.[CBS News]
  • The Bloomberg Billionaires Index estimates about $12.4 billion of Zuckerberg's $247 billion net worth would be subject to the tax.[CBS News]
  • Forbes estimates Zuckerberg's net worth above $220 billion, which would put his tax liability above $11 billion.[Associated Press]
  • Stanford University economists have questioned whether the tax could backfire by lowering projected wealth tax and income tax revenue.[CBS News]

What remains uncertain

  • Net worth estimates vary across outlets, from about $220 billion to $247 billion, so estimated tax liability also differs.[Associated Press · Business Insider · CBS News]
  • The tax has not been approved, so the stock arrangement's relevance depends on the Nov. 3 vote.[Associated Press · CBS News]
  • Whether the tax would prompt further departures or reduce revenue is disputed, and Stanford economists have raised doubts.[CBS News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.