Meta Secures Mark Zuckerberg’s California Stay

What happened

Updated Oct 23, 11:00am ET

Meta’s board approved a new nonvoting Class C share that Mark Zuckerberg can sell for a possible tax bill without giving up voting control. Under the deal, Zuckerberg committed to remain in California for eight years unless major unforeseen circumstances make living elsewhere prudent. The move comes as Proposition 40 would place a one-time 5% tax on billionaires who were California residents at the start of 2026. Backers say the money would protect health care from federal cuts, while Gov. Gavin Newsom and opponents warn wealthy residents could leave. Meta said the share plan gives Zuckerberg about $20 billion in immediate liquidity. Voters decide on Nov. 3, 2026.

How the left told it

Left-leaning outlets framed the fight as a choice between working Californians and wealthy donors, especially for Gavin Newsom’s national ambitions. The Los Angeles Times emphasized both the planned attacks on Newsom and the argument that billionaire campaign spending is small beside their fortunes. The New Republic cast Zuckerberg’s deal as existing wealth creating more privilege.

How the right told it

Right-leaning outlets framed the tax as punishment for wealth that could hurt California rather than broaden prosperity. The New York Post argued the measure targets billionaires instead of lifting the wider economy, and said courts could undo it even if voters approve. The Washington Examiner cited Jaros and Rauh warning that departures could damage state revenue.