Authored by Zachary Stieber via The Epoch Times,
A possible new wealth tax in California prompted Meta chief Mark Zuckerberg to consider leaving the state, according to a new regulatory filing.
California voters will decide on Proposition 40 in November. It would impose a one-time 5 percent tax on billionaires.
If approved, Zuckerberg would have to pay a multibillion-dollar tax, Meta lawyers said in the Oct. 21 filing to the Securities and Exchange Commission that included frequent mentions of a special committee of independent directors.
"In light of this potential tax exposure, Mr. Zuckerberg informed the Special Committee that he was evaluating relocating his primary residence outside California and that steps toward any such relocation, including any listing of his residential real estate in California on the market, would be public and inevitably noted and commented upon by Company employees and, accordingly, raise questions for management of the Company going forward," the filing stated.
The committee said Zuckerberg "has been crucial to the Company's growth since its inception," that he is best-positioned at this time to ensure the company's continued success, and that it is important to keep him in a leadership position to drive the company's continued success.
Meta, Facebook and Instagram's parent company, faced challenges during the COVID-19 pandemic, which it said stemmed from Zuckerberg's inability to be physically present with the company's man
