Meta has struck a deal with Mark Zuckerberg to help him foot a possible California wealth tax targeting billionaires.

The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep its chief executive living in California , where Meta’s headquarters are located.

Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years.

Californians will vote early next month on Proposition 40, a one-off 5% tax on the roughly 250 billionaires who live in the state.

Zuckerberg, worth $239bn (£180bn) according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it.

In response, Meta is…