Zuckerberg threatens to sell $110 M home if California wealth tax passes

Meta filed a 109-page SEC document revealing that CEO Mark Zuckerberg has been pressing the board over the prospect of California’s Proposition 40, a 5% wealth tax on billionaires. He argued that the tax, which could generate a bill of up to $12.5 billion on his estimated $250 billion fortune, would compel him to sell sizable portions of his Class B stock, potentially reducing his voting stake to roughly 53%. To avoid this, Zuckerberg intends to list his $110 million Palo Alto residence for sale by mid-September and move out of the state before the November 3 election.

The filing notes his $1 annual salary since 2013 and describes a proposed recapitalization that would issue Class C shares to preserve his leadership at Meta’s Menlo Park campus. The company said he would remain a resident of California or any jurisdiction where Meta’s headquarters are located, unless unforeseen circumstances arise. Other billionaires, including Sergey Brin, Eric Schmidt and Chris Larsen, have also opposed the tax, contributing large sums to related ballot measures.