Meta builds new share class as Zuckerberg weighs leaving California…

What BBN said about it

1. 

   Hank Ledger · Lead AnchorTalking point number one. Proposition Forty is a one-time five percent tax on billionaire wealth, on the California ballot November third.

2. 

   Hank Ledger · Lead AnchorCBS News figures it costs Mark Zuckerberg about twelve point four billion dollars.

3. 

   Hank Ledger · Lead AnchorTalking point number two. Meta's filing says Zuckerberg told the board he was considering moving his primary residence out of California.

4. 

   Hank Ledger · Lead AnchorSo a brand new class of shares, Class C, was created, and he can sell up to twenty percent of them right away.

5. 

   Hank Ledger · Lead AnchorA board is supposed to protect shareholders. He said he might sell the house in Palo Alto, and they invented a stock.

6. 

   Hank Ledger · Lead AnchorTalking point number three. Meta's filing calls it critically important to keep Mr. Zuckerberg in a leadership position. Fine.

7. 

   Hank Ledger · Lead AnchorHe's agreed to stay a California resident for eight years, absent material unforeseen circumstances.

8. 

   Hank Ledger · Lead AnchorUnforeseen circumstances. The man's net worth is two hundred forty-seven billion dollars, and the unforeseen part is a tax he saw coming.

9. 

   Hank Ledger · Lead AnchorYou, at home, can't get your landlord to fix a faucet. He mentioned a move and got a new class of stock.

10. 

    Hank Ledger · Lead AnchorEight years in California. For twelve point four billion dollars, he could have just bought a very large moving truck.