California's Proposition 40 Billionaire Tax Heads to November 3 Vote
Californians vote November 3 on Proposition 40, a one-time 5% billionaire wealth tax opposed by Governor Newsom.
Event / Economy
Meta Class C Stock Creation
Meta's board approved a new class of nonvoting Class C common stock, effective January 2027, after Mark Zuckerberg said he was evaluating relocating outside California due to Proposition 40, a proposed one-time 5% tax on billionaire wealth on the November 3, 2026 California ballot. Zuckerberg committed to remain a California resident, or to follow Meta's headquarters, for eight years, and may sell up to 20% of his Class C shares without losing his voting majority. Meta cites leadership continuity and AI investment needs. Supporters cite healthcare funding, while opponents and some economists warn of billionaire departures and revenue shortfalls.
0 reported locations
No reported coordinates available.
Daily activity
2 articles0 articles
2026-10-23 to 2026-10-26 · UTC publication dates
Coverage begins 23 Oct, 01:23 UTC
Follow the documented timeline or explore the related reporting.
What happened
No facts published for this event yet.
Read the coverage
2 alternative perspectives
Meta Board Approves Nonvoting Class C Shares Amid Founder Voting Control
Meta's board approved nonvoting Class C stock, with Zuckerberg keeping about 60% of voting power on 13% of shares.