Meta negotiates with Mark Zuckerberg to prevent California departure

Meta is reportedly negotiating with CEO Mark Zuckerberg to ensure he remains a California resident, following his consideration of relocating to Miami. The move is driven by Proposition 40, a potential tax measure that California voters will decide on this November.

Proposition 40 proposes a one-time 5% tax on the total wealth of individuals exceeding $1 billion. If passed, the tax would apply to those residing in the state as of January 1. Estimates suggest the tax could cost Zuckerberg approximately $11 billion.

Several other Silicon Valley figures, including Sergey Brin, Larry Page, and Peter Thiel, have already relocated to Florida to avoid such levies. While California Governor Gavin Newsom does not support this specific proposition, he has expressed support for even stricter taxes on extreme wealth. Meta's efforts to retain Zuckerberg involve addressing concerns regarding his ability to work closely with the executive team, a challenge the company faced during the pandemic.