Meta Platforms Inc. disclosed in a filing that it has established a new stock plan to help offset potentially higher tax burdens from California's Proposition 40 billionaire tax and ensure its founder and CEO, Mark Zuckerberg, remains in the state after the California midterm elections. Zuckerberg has committed to staying in California for eight years, barring unforeseen major circumstances. The company created a new class of non-voting Class C common stock, effective next January, through which Zuckerberg will receive a portion of new shares as dividends and can sell up to 20% of the shares to cover potential taxes without affecting his majority voting control. If passed, the proposition would impose a 5% tax on California residents with a net worth exceeding $1 billion. Meta believes Zuckerberg is crucial to the company's future and AI development.