Meta signed an agreement with CEO Mark Zuckerberg to allow him to continue living in the jurisdiction where the company's headquarters are located. Earlier, the CEO said he is considering moving out of the state if California passes a wealth tax. Meta said in the filing on Wednesday that Zuckerberg will “continue to be a California resident, or a resident of any other jurisdiction where the company is headquartered, for a period of eight years.” Meta said Zuckerberg is considering moving out of California because the proposed wealth tax could expose him to billions of dollars in tax bills and could force him to sell his voting shares to pay taxes. The company announced that it will issue Class C shares. Part of the purpose of this arrangement is to prevent this situation from happening.

Meta signed an agreement with CEO Mark Zuckerberg to allow him to continue living in the jurisdiction where the company's headquarters are located. Earlier, the CEO said he is considering moving out of the state if California passes a wealth tax. Meta said in the filing on Wednesday that Zuckerberg will “continue to be a California resident, or a resident of any other jurisdiction where the company is headquartered, for a period of eight years.” Meta said Zuckerberg is considering moving out of California because the proposed wealth tax could expose him to billions of dollars in tax bills and could force him to sell his voting shares to pay taxes. The company announced that it will issue Class C shares. Part of the purpose of this arrangement is to prevent this situation from happening.