Meta issues new shares to Zuckerberg to avoid wealth tax forcing him to sell voting shares.

Meta and Chief Executive Mark Zuckerberg have signed an agreement for him to continue residing in the jurisdiction where the company is headquartered. This follows the CEO's statement that he was considering leaving California if the state passed a wealth tax. Meta said in a filing on Wednesday that Zuckerberg will "continue to reside in California, or any other jurisdiction in which the company is headquartered, for a period of eight years." Meta said Zuckerberg was considering leaving California because the proposed wealth tax could expose him to a multibillion-dollar tax bill and could force him to sell voting shares to pay it. The company announced it would issue Class C shares, an arrangement partly aimed at preventing that scenario.