Meta CEO Mark Zuckerberg currently holds 13% of the company's shares but maintains 61% of the voting power. This concentration of control is achieved through his ownership of Class B shares in the organization.
In response to a proposed one-time wealth tax in California, Zuckerberg is reportedly planning to issue non-voting shares. This strategy aims to manage potential tax liabilities while ensuring his voting control remains unchanged.
The future of the wealth tax initiative will be decided during the California election scheduled for November 3, 2026. Key state officials, including Governor Gavin Newsom and Secretary of State Shirley Weber, are expected to influence the outcome.
The debate surrounding the tax has drawn attention to the financial impact on high-net-worth individuals. Meanwhile, other billionaires have reportedly raised $300 million to oppose the legislative measure known as Proposition 40.
