Meta CEO Mark Zuckerberg has agreed to remain in Silicon Valley, despite a potential California ballot measure that could subject billionaire assets to significant one-time taxes. Zuckerberg informed Meta board members of his intention to relocate after a dinner on September 9, 2023, but a special committee, including legal and tech executives, negotiated a deal that ties his share sales to his residency.

The agreement creates a new class of non-voting shares, allowing Zuckerberg to sell 20% to cover taxes without diluting his voting power, while the remaining 80% of his shares can be sold over eight years, provided he stays put. The move aims to keep Zuckerberg leading from California, close to the AI research hub.

However, the outcome is uncertain, as recent polling suggests that Proposition 40 may not pass, with substantial spending on its opposition. Zuckerberg’s decision highlights the complex interplay between technology, economics, and politics in the Bay Area.

For now, it seems the tech giant’s leader will remain in California, but the debate over taxation of the ultra-wealthy continues to simmer.