Zuckerberg told Meta directors he might leave California, where he could lose billions to a wealth tax. Meta answered with a new class of stock

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AI Fusion Summary

Mark Zuckerberg informed Meta directors of his intention to sell his Silicon Valley home and potentially leave California to avoid a proposed wealth tax. In response, Meta implemented a new class of stock. This structural change allows the company to raise equity capital without diluting Zuckerberg's majority control. The new share class is designed to provide the necessary funds for Zuckerberg to cover potential tax liabilities if the wealth tax is passed by voters.
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