Zuckerberg makes deal with Meta to help him pay billionaire tax if it passes

SACRAMENTO, Calif. -- SACRAMENTO, Calif. (AP) — Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week.

If passed by voters in the Nov. 3 election, the measure would levy a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than $220 billion, according to Forbes. That would put his tax liability at more than $11 billion.