Meta Creates Non-Voting Shares to Protect Zuckerberg’s Control Amid Proposed California Billionaire Tax

Meta has approved a new Class C share structure that could allow Mark Zuckerberg to raise funds for a possible California wealth-tax bill without reducing his voting control of the company. A proposed ballot measure, Proposition 40, would impose a one-time 5% tax on California residents worth more than $1 billion to support healthcare services. Zuckerberg’s wealth is largely tied to Meta shares, and selling his existing voting shares could weaken his majority control under the company’s current structure. Under the new arrangement, Zuckerberg can sell or transfer a portion of non-voting Class C shares to meet potential tax obligations while retaining his voting stake. California voters are expected to decide on the measure on November 3.

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