Mark Zuckerberg has agreed to remain in California for eight years, according to a Meta regulatory filing, after the CEO signaled he might leave over a ballot measure that would tax billionaires' assets. The agreement came days after he told Meta's board he was considering selling his Palo Alto home and moving to Florida, where he bought a house in February.
Under the "Founder Alignment Agreement," Meta will issue new nonvoting shares to all shareholders. Zuckerberg can sell 20% of his allotment to pay any taxes owed, while the remaining 80% becomes sellable in chunks over eight years only if he stays in California. Early departure would force him to sell voting shares unless "material unforeseen circumstances" arise. The agreement also allows him to move if Meta relocates its headquarters.
The board's concern was shaped by the pandemic, when Zuckerberg's physical absence complicated management. The filing says the goal is to keep him near Meta Superintelligence Labs. However, the measure, Proposition 40, may fail: recent polling and $129 million in opposition spending suggest voters are unlikely to approve it.