California's proposed tax on billionaires prompted Mark Zuckerberg to leverage the board at Meta to get the company to protect him from it. He issued an ultimatum to the board on September 9 that he would sell his home in Palo Alto, and the listing would be public, if a deal wasn't struck by September 13. The board decided to issue a new class of stock to shareholders that Zuckerberg could sell to pay the potential wealth tax without cutting into his 60.6% voting power. California's proposal would assess a one-time 5% tax on all holdings of billionaires who lived in California as of January 1, 2026.