Meta has introduced a new class of non-voting Class C common stock via a stock dividend structure.
SEC filings indicate the mechanism supports capital raising and AI investments while allowing major stakeholders to manage tax liabilities without altering voting control.
The bill, known as Proposition 40, would impose a one-time 5% tax on the wealth of billionaires living in the state. According to estimates, Zuckerberg could be ordered to pay as much as $11 billion if the measure passes.
To address this possibility, Meta's board of directors approved the creation of new shares that do not carry voting rights in company decisions. According to official documents and reports, Zuckerberg pressured board members for a solution, even threatening to put his California home up for sale if there was no protection plan.
Through this plan, the head of Meta will be able to sell part of his new shares to cover the tax, while maintaining the majority of votes that allows him to control the course of the company.
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