How Mark Zuckerberg pushed Meta to shield him from California’s proposed wealth tax

SAN FRANCISCO — Mark Zuckerberg was running out of time. A landmark tax on billionaires was looming on the ballot in his home state, California, and he needed the board of directors at Meta, his tech company, to take steps to protect him from it. Zuckerberg had been negotiating with Meta’s board since July. Over dinner with board members on Sept. 9, he effectively gave them an ultimatum: If a deal wasn’t struck, he would sell his home in Palo Alto, and the listing would be public. He planned to put the home up for sale on Sept. 13, he said, giving the board 96 hours to avert a public-relations crisis. RELATED: Meta ordered to pay New Mexico $25 billion for deceiving users about privacy on Facebook Meta, which is based nearby in Menlo Park, scrambled for a solution. On Wednesday, the company unveiled the result: In January, it will issue a new class of stock to shareholders, which Zuckerberg can sell to pay the potential wealth tax without cutting into his 60.6% voting power at the Sili