California voters will decide on Nov. 3 whether the state’s billionaires should pay a one-time 5% tax on their net worth. Some of them have already left, like Peter Thiel and Google cofounders Larry Page and Sergey Brin. They join seven billionaires so far who have publicly moved out of the state, taking about $540 billion, or 30% of the state’s billionaire wealth. Meanwhile, others like Jensen Huang are staying.

Meta’s Mark Zuckerberg looked, up until now, as if he would also join Huang in staying in the state where his company is headquartered. But Meta’s new SEC filing that posted this week shows that’s in part because of the key difference between owning a company and controlling it.

What he owns and what he controls

Ownership is a share of a company’s value. Control is a share of its votes. For most shareholders they are the same because each share carries one vote. At Meta, they are not.

Zuckerberg holds mostly Class B shares, which carry 10 votes each. Ordinary Class A shares carry one.…