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'This Is Huge,' Economist Says as Filing Shows Zuckerberg Getting Ready to Pay California Billionaire Tax

Federal filings released Wednesday reveal how Meta CEO Mark Zuckerberg, one of the richest men in the world, is getting ready to potentially pay a billionaire wealth tax that is on California's November midterm ballot—an indication of the grassroots campaign's impact. "This is huge," economist Gabriel Zucman, an outspoken supporter of the proposed tax,…

Sources (1)· Oct 22, 2:22 PM

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Common Dreams· Oct 22, 2:22 PM'This Is Huge,' Economist Says as Filing Shows Zuckerberg Getting Ready to Pay California Billionaire Tax

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Since

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Mark Zuckerberg Makes Deal With Meta To Help Him Pay Proposed California Billionaire TaxThe deal allows Zuckerberg to pay a potentially huge billionaire tax that is on the ballot in California without losing his ownership stake in the company he founded.

HuffPost13h agoWhole story →

Zuckerberg makes deal to pay proposed tax billSACRAMENTO, Calif. -- Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week.

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Zuckerberg weighed leaving California over the wealth tax. Meta answered with a new class of stockMeta could have raised about $700 billion in equity capital before Zuckerberg lost majority control, a filing shows. The new share class will raise money without diluting him—and allow him to foot a potential bill in California.

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Mark Zuckerberg Plots Deal to Pay Wealth Tax, Keep Meta ControlMark Zuckerberg had a dinner-table ultimatum with his board, which came after months of wrangling over the company's financing needs and a proposed California wealth tax. Meta will offer a new class of non-voting shares to existing investors, and Zuckerberg will have a special agreement that will give him the ability to sell some of that stock without…

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Top Economist Says Elon Musk Needs to 'Pay More Taxes,' Not Just Donate SpaceX SharesA world-renowned economist said Monday that Elon Musk's pledge to donate a share of his company, SpaceX, to every American child is not nearly enough to redress the exploding wealth inequality that he personifies . Gabriel Zucman, a professor at the University of California, Berkeley and a leading inequality expert, wrote in a series of social media…

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Zuckerberg owns 13% of Meta but controls 61% of it. California’s wealth tax will bill him on the 13%Paying a potential $12 billion bill would have meant selling the shares that give him control. A new class of stock solves that.

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Economy california wealth tax impact