TERRIBLE, NONSENSICAL HEADLINE, BUT THE STORY IS IMPORTANT: Meta agrees to let Mark Zuckerberg remain in California amid proposed billionaire wealth tax.

Mark Zuckerberg has reached an agreement with Meta to remain in California after raising the possibility of leaving the state amid concerns over a proposed billionaire wealth tax.

Zuckerberg, Meta’s CEO, previously told the company he was considering moving his primary residence outside California because of Proposition 40, a ballot initiative that would impose a one-time tax equal to 5% of net worth on billionaires who were California residents on Jan. 1, 2026, if approved.

Under the agreement, Zuckerberg will receive non-voting shares that he could sell to help cover a potential wealth tax bill in exchange for a commitment to remain a resident of California, or the state where Meta maintains its headquarters, for eight years, according to Reuters.

Stupid. This will only encourage California’s worst instincts, and at the expense of Meta shareholders.

I’m not one, FWIW.