Meta CEO Mark Zuckerberg had told Meta's board he would consider moving his primary residence out of California if voters pass an initiative to tax billionaires, but he struck a deal with the board to remain in the Golden State. 

If passed, the initiative would impose a one-time 5% tax on the wealth of billionaires. Under the deal Zuckerberg struck with the board, he would receive non-voting shares he could sell to cover the tax in exchange for staying in California, where the company is headquartered, the Daily Caller reported. 

On Thursday, Forbes estimated Zuckerberg's net worth at $224 billion, making him the sixth-richest man in the world. 

Meta said Wednesday that it plans to issue a new class of non-voting Class C common stock in January 2027. The stock would fund acquisitions and keep top talent without compromising Zuckerberg's control of the company, Fox Business reported.