> Under the deal, Zuckerberg will get non-voting shares he can sell to potentially foot a multi-billion-dollar tax bill in the event the proposal is approved, in exchange for a commitment to remain a resident of California, or wherever Meta maintains its headquarters, for eight years.
It allows him to liquidate part of META to pay off the state and retain his current 60%+ of voting shares.
but its a stock split, he’s getting one new share for every old share with the expectation that the share price halves, at least according to their CFO on the earnings call.
It sucks that Zuck doesn't pay the taxes himself, and that Meta did it for him. But this is way less worse than the likely alternative of him not paying any taxes given it current political situation.
He is in fact going to pay the taxes himself, in the sense that they will come out of his net worth, not Meta's market cap. The significance of this deal is that it allows him to retain voting control of Meta after doing so, which might not otherwise have been possible. The current HN submission title is wildly misleading and I'm asking the moderators to change it (it's not from the original source).
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[ 0.20 ms ] story [ 33.5 ms ] thread> Under the deal, Zuckerberg will get non-voting shares he can sell to potentially foot a multi-billion-dollar tax bill in the event the proposal is approved, in exchange for a commitment to remain a resident of California, or wherever Meta maintains its headquarters, for eight years.
It allows him to liquidate part of META to pay off the state and retain his current 60%+ of voting shares.
…doesn’t this mean Zuckerberg himself?
God forbid his "high score" go down even marginally
Meta strikes deal with Zuckerberg to protect him from California wealth tax
https://news.ycombinator.com/item?id=50193581
So let's keep taxing that wealth year after year.