Zuckerberg signs agreement with Meta to address California wealth tax

Meta Platforms has signed an agreement with CEO Mark Zuckerberg, requiring him to continue residing in the jurisdiction where the company's headquarters is located for the next eight years. This move is in response to California's proposed wealth tax, which could result in a tax bill of billions of dollars for Zuckerberg.

The agreement allows him to sell a portion of his Class C shares to provide liquidity to address the potential tax burden from California Proposition 40.