Story perspectives

Meta Creates Nonvoting Shares to Avoid Wealth Tax

By Drooid · Oct 23, 2026, 6:12 PM UTC · How we work

Summary

Story summary

Meta Platforms announced a non-voting Class C share class effective January 2027.
The share class is tied to a deal that helps CEO Mark Zuckerberg avoid a wealth tax.
Zuckerberg told the board he might move out of California.
The board formed a committee that includes attorney Robert Kimmitt, venture capitalist Charlie Songhurst, and DoorDash CEO Tony Xu.
Proposition 40 would impose a 5% tax on billionaire assets, potentially raising about $100 billion.

History

Historical Context

Google’s August 2004 IPO introduced a dual-class share system in which founders Larry Page and Sergey Brin kept 210 million Class B shares with ten votes each, preserving control despite a $1.67 billion public offering. The structure set a precedent that later tech companies have emulated, reflecting a broader shift toward founder-centric governance and influencing regulatory debates about corporate control.

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Story summary

Meta Platforms announced a non-voting Class C share class effective January 2027.
The share class is tied to a deal that helps CEO Mark Zuckerberg avoid a wealth tax.
Zuckerberg told the board he might move out of California.
The board formed a committee that includes attorney Robert Kimmitt, venture capitalist Charlie Songhurst, and DoorDash CEO Tony Xu.
Proposition 40 would impose a 5% tax on billionaire assets, potentially raising about $100 billion.

1 / 2