RetroFed Forums
Your home away from modern life.
'This Is Huge,' Economist Says as Filing Shows Zuckerberg Getting Ready to Pay California Billionaire Tax
Post Reply
AuthorMessage
return2ozma lemmy.world return2ozma@lemmy.world
Joined: 2023-07-01
Quote

24   Original
nastronot lemmy.zip nastronot@lemmy.zip
Joined: 2026-10-15
#2 · Quote Reply

We need to start punching people in the face again

4
Hyacin (He/Him) lemmy.ml hyacin@lemmy.ml
Joined: 2023-12-29
#3 · Quote Reply

Saw this and thought well of him for half a second until the real story came across my feed - that he was throwing a fit threatening to move out of California until the board agreed to basically pay him sufficiently more (in non-voting shares he can immediately sell) to cover it.

Eat the rich. Slow roasted... ideally starting while they're still breathing.

3
RustyEarthfire lemmy.world RustyEarthfire@lemmy.world
Joined: 2023-06-12
#4 · Quote Reply

Saw this and thought well of him for half a second until the real story came across my feed - that he was throwing a fit threatening to move out of California until the board agreed to basically pay him sufficiently more (in non-voting shares he can immediately sell) to cover it. Eat the rich. Slow roasted... ideally starting while they're still breathing.

It doesn't say they are paying him more, just that they are structuring things in a way he can sell stock but keep his control. A relevant excerpt from Meta's investor update (bold mine):

Meta intends to file an amended and restated certificate of incorporation in Delaware to establish the Class C [non-voting] common stock, with an effective date of January 19, 2027. The Board has also declared a one-time stock dividend of one share of Class C common stock for each outstanding share of Class A common stock and Class B common stock, contingent upon, and to be paid after, the effectiveness of the amended and restated certificate of incorporation.

If I understand correctly, each existing share is effectively split into a voting share and a non-voting share (which the market will price, probably each at around half the original value). Google did this in 2014, and GOOGL (voting) shares are worth about 2% more than GOOG (non-voting) shares.

2
Post Reply
Back to top