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Business · Menlo Park

Meta's new non-voting stock could let Zuckerberg pay a California tax and keep control

The New York Times reported the Class C shares, approved by the board and described on Wednesday's earnings call, have a second purpose if voters pass Proposition 40.

By West Coast News staff ·
Meta's headquarters in Menlo Park
Meta's headquarters in Menlo Park, California.

Meta said on its Wednesday earnings call that the board had approved a new class of non-voting Class C common stock, and the New York Times reported on Thursday a further reason for the shares, TechCrunch wrote. The stock gives ownership without a vote and takes effect in January. Meta says it will use the shares for capital raising, employee pay and acquisitions, including AI spending, while keeping the voting structure that leaves Mark Zuckerberg with about 60 percent of the vote.

The Times reported Zuckerberg could sell some of the non-voting shares to pay California's proposed billionaire tax, if voters approve it, without giving up voting control. Proposition 40 was drafted to tax the net worth of the state's richest residents. The board approval was disclosed on Wednesday. The tax motive is what Thursday's reporting added.

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