Zuckerberg shakes California's wealth tax before the vote

Damilola Esebame, Celine Provini

Mon, October 26, 2026 at 9:47 AM PDT 5 min read

META

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Mark Zuckerberg told Meta's board he was considering leaving California over a potential Proposition 40 tax bill, according to Meta's filing with the Securities and Exchange Commission (SEC).

The chief executive's estimated tax liability exceeds $11 billion under the proposed billionaire wealth tax on the Nov. 3, 2026, ballot, Forbes reported.

Proposition 40 would impose a one-time 5% assessment, payable in annual installments over five years, on any California resident worth at least $1 billion as of January 2026, the Legislative Analyst's Office showed.

Proponents led by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) project the measure could raise $100 billion.…