Proposition 40

Proposition 40 is identified as an antagonist in the context of a potential California wealth tax targeting billionaires. Meta, the company behind Facebook, Instagram, and WhatsApp, has struck a deal with its chief executive, Mark Zuckerberg, to help him manage the financial implications of such a tax. This arrangement aims to ensure Zuckerberg remains a California resident, despite the potential for a significant tax liability. The deal involves Zuckerberg receiving new shares that could be sold to cover a multibillion-dollar tax bill, should the proposed wealth tax be passed by the state.