One Turn
Meta strikes deal with Zuckerberg over California wealth tax measure
Meta's board reached an agreement with chief executive Mark Zuckerberg after he said he would leave California if voters approve a proposed wealth tax on the November 3 ballot, according to Reuters reporting. The deal is intended to shield him from the potential tax, which has drawn hundreds of millions of dollars in campaign spending.
Why it matters
The measure's outcome could affect where some of the wealthiest people and companies base themselves.
Background
California voters will decide on Proposition 40, a proposed tax on billionaires' wealth. Several tech executives have threatened to move out of state if it passes.
Sources
- BBC News ↗Oct 22, 12:16 PM ET
- CBC News ↗Oct 22, 1:33 PM ET
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