Mark Zuckerberg owns 13% of Meta but controls 61% of its votes; wealth tax implications

TechCrunch / Wikimedia Commons (CC BY 2.0) Meta Platforms CEO Mark Zuckerberg controls 61% of the company’s voting power despite owning just 13% of its shares, according to recent information. This control is facilitated through his Class B shares in Meta. As California considers a one-time wealth tax targeting billionaires, Zuckerberg is reportedly planning to create non-voting shares to address potential tax liabilities without diminishing his voting control. This development comes amid discussions on the financial impact of California’s proposed wealth tax, suggesting a potential increase in support for the initiative as it affects high-profile billionaires like Zuckerberg. Key Takeaways Markets suggest that Zuckerberg’s strategy to create non-voting shares may be viewed as an indication of the wealth tax’s potential impact on billionaires. Market pricing appears consistent with increased support for the California wealth tax, reflecting new insights into how billionaires might manage their stakes. Observers indicate that Zuckerberg’s control over Meta, despite limited economic interest, could influence public and legislative sentiment regarding the wealth tax proposal. What to ...