Mark Zuckerberg Pushed Meta to Shield Him from California's Proposed Wealth Tax

JKCalhoun

https://archive.ph/2Dyp0

gnabgib

Comments: Guardian: Meta strikes deal with Zuckerberg to protect him from California wealth tax (39 points, 2 days ago, 33 comments) https://news.ycombinator.com/item?id=50193581 Wired: Mark Zuckerberg Agrees to Stay in California Despite Billionaires' Tax Measure (5 points, 2 days ago, 3 comments) https://news.ycombinator.com/item?id=50188801 Telegraph: Meta strikes deal to protect Zuckerberg from California billionaire tax (9 points, 2 days ago) https://news.ycombinator.com/item?id=50191129 WSJ: Mark Zuckerberg Threatened to Leave California. Meta’s Board Cut Him a Deal (4 points, 2 days ago) https://news.ycombinator.com/item?id=50193052 (30 points, 1 day ago, 40 comments) https://news.ycombinator.com/item?id=50199284

jprd

I guess only pirate billionaires born on 3rd base can imagine being this craven and petty. My man renamed the damn corp to "Meta" and proceeded to YOLO nearly triple digit billions USD on fire, shamelessly pivots to AI like all the other bros, while holding a solid majority of voting stock, and now we have to listen to him and his pals complain they might have to give something back. Gross.

triceratops

Alternative headline: "Man asks for raise because his taxes went up" FWIW I think this is better than avoiding the tax.

aprilthird2021

But they aren't "shielding" him really. They are just making it possible for him to pay the tax by selling shares in the company without giving up voting shares... I mean maybe that is "shielding" but it's not like they are getting him out of paying the tax if it passes

gexla

We don't have to post hyperbole or speculation (there's social media for that.) This is a public company, we can read public documents such as... https://www.sec.gov/Archives/edgar/data/1326801/000162828026... NOTE: Look for "Founder Alignment Agreement" in the above doc as an example if you're doing a quick scan. https://www.sec.gov/Archives/edgar/data/1326801/000162828026... https://investor.atmeta.com/investor-news/press-release-deta...

digitaltrees

Public companies shouldn’t be allowed to have super majority shareholders that rule like a king.

minimaxa

Not a big fan since we now only get 2 links a month, But it would have been easier to relocate to the border in Tahoe than fill out mountains of paperwork; he lives on an estate in a Maui bunker anyway, not spoilt for housing options... Not very good with building technology; he lost 80 billion on a nonexistent metaverse fail. Is that now a tax loss?

TacticalCoder

I understand it's a move to keep his voting shares but... Why would the board care if the Zuck was to sell his big house in California? What was the threat to Meta/the board?

ChrisArchitect

[dupe] https://news.ycombinator.com/item?id=50199284 https://news.ycombinator.com/item?id=50193581

returnInfinity

This is good, punish the shareholders, wallstreet gets the news. This wealth tax is poorly planned, tax the wealth, but find a better way.