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00:02Meta created a new stock plan that would help CEO Mark Zuckerberg offset potential taxes
00:07under California's Proposition 40 while preserving his majority voting control.
00:12The ballot measure would impose a 5% tax on residents worth more than $1 billion.
00:17Zuckerberg, worth approximately $225 billion committed to remaining in California for eight
00:22years unless unforeseen circumstances arise. Under the plan, Zuckerberg could immediately
00:28sell or transfer up to 20% of newly issued non-voting Class C shares to cover potential
00:34tax liabilities. Meta said the arrangement would preserve his voting power and support
00:39his continued leadership, particularly in artificial intelligence. Google co-founders Larry Page and
00:45Sergey Brin, former Google CEO Eric Schmidt, Stripe CEO Patrick Collison, venture investor
00:52Peter Thiel, and DoorDash CEO Tony Hsu are among tech leaders who have funded opposition to
00:57Proposition 40. NVIDIA CEO Jensen Huang, however, said it would be a privilege to pay the tax.
01:03For all things money, visit Benzinga.com.
