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Posted on 10/22/2026 4:17:27 PM PDT by SeekAndFind
Meta CEO Mark Zuckerberg intends to maintain control over the company he founded in 2004, and a new class of stock will help him do just that.
On Wednesday as Meta released third-quarter earnings results, the company announced that it would issue a new share class of Class C stock. The share class, which is technically a one-for-one stock dividend of new Class C shares, will be distributed to all shareholders. It was conceived following months of extensive negotiations that grew contentious at times between Zuckerberg and board members, including DoorDash CEO Tony Xu, Ambassador Robert Kimmitt, and ex–Microsoft executive Charles Songhurst. Xu disclosed his personal friendship with Zuckerberg but said it wouldn’t impair his judgment. At one point, the committee even talked about resigning if they couldn’t come to a resolution.
According to a Meta filing with the Securities and Exchange Commission, Zuckerberg wanted to be able to maintain his voting control; meet his pledges to fund the Chan Zuckerberg Initiative with his Meta stock; and be prepared to pay billions to the State of California if a proposed wealth tax is approved by voters in November.
The proposed wealth tax, however, came around the same time as a decision by the company in late 2025 that Meta needed to raise outside capital to help fund the AI boom. Zuckerberg holds about 60.6% of voting control at Meta, while his stake constitutes about 13.4% of the company.
Like other major tech companies, Meta maintains a dual-class share structure, where Class A shares trade on Nasdaq as a one-vote-one-share stock. Conversely, Zuckerberg’s holdings are made up of mostly Class B shares, which carry 10 votes/share, which is how he maintains majority control. The condition on supercharged Class B shares is if Zuckerberg sells them, they convert to Class A.
(Excerpt) Read more at msn.com ...
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Proposition 40 in California, known as the wealth tax, is up for a vote on Nov. 3, and if it passes, it could hit Zuckerberg and the wealthiest in the state with a multibillion-dollar bill. The Bloomberg Billionaires Index lists him at No. 5 with a net worth of $246 billion.
In July, Zuckerberg told Kimmitt, who is Meta’s lead independent director, that selling his Class B stock to cover what he might owe for the wealth tax could cut his voting stake back down to 53%.
The tax came up in a conversation between the two after negotiations between Zuckerberg and the committee appeared to grow tense. The committee had suggested shareholder-friendly sunset provisions that would see the Class B shares convert into regular stock within a year of Zuckerberg’s eventual death or departure from Meta—or if he sold more than half his holdings. During a call with Kimmitt in July, the two discussed the wealth tax and noted that Zuckerberg had only taken a $1 salary from Meta since 2013.
There are so many stupid voters in California, illegal aliens who illegally vote and vote fraud that I believe Prop 40 will pass.
At the moment (if polls are to be believed):
“The latest Citrin-POLITICO poll (October 19) found 46% in favor and 43% opposed, a result consistent with a UC Berkeley IGS survey from September showing 45% support and 42% opposition.”
As for California’s billionaires:
“Seven billionaires have publicly left California before the proposed 5% wealth tax (Proposition 40).
These departures removed approximately $540 billion in wealth from the potential tax base, representing roughly 30% of the state’s billionaire population.”
The leaders of CA are ignorant of basic economics and just look for ways to steal other people’s money. The $16.90 minimum wage is decreasing the number of people working.
RE: These departures removed approximately $540 billion in wealth from the potential tax base, representing roughly 30% of the state’s billionaire population.”
Here’s a question — Doesn’t California have an EXIT TAX, to discourage the rich from fleeing?
THEY TRIED THAT-—IT DIDN’T FLY
246 billions net worth.
5% tax means he is to pay over 12 billions.
Sorely he can afford it!😁😁😁
“California does not currently have an enacted exit tax. There is no law that charges a fee or imposes a tax simply for moving out of the state.”
Not yet - Newsom is trying to implement one - even more reason for billionaires to leave.
We will vote Yes-No to repeal it during the next couple weeks.
Polls say repeal is not going to happen.
I cannot figure out why this tax is NOT unlawful.
Our state constitution requires that ALL residents must pay the same tax percent on ALL income.
Our current state income tax rate is 0%.
Graduated tax rates in Washington state are - or use to be - unlawful!
WGAF?
For tax and security reasons, the really rich should always rent.
Not what I heard Today on TV Stocks channel.
I thought the CIA founded Facebook.
RE: 5% tax means he is to pay over 12 billions.
Sorely he can afford it
Make it 90%, why does he need $240 billion? He’d still be a billionaire at that tax rate. After all the bureaucrats in CA know better how to use that money than Zuckerberg himself /sarc
Prop 40 will pass because the dims want it to pass.
Remember, they count the votes.
There will be a huge ripple effect when the billionaires leave the state. People at that wealth level spend lots more on ordinary things than we do.
Housekeepers, landscapers, caterers, high end cars, private planes and large yachts.
The tax will suck money away from the rich, but will put a lot of people out of work.
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