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Rohan Paul@rohanpaul_ai
FT: Meta’s AI build-out now needs outside equity on a scale that its founder-control structure could not absorb, so the company is creating a share class that gives investors economics with no votes.
i.e. now Meta will issue non-voting shares that let Mark Zuckerberg sell stock while keeping control of the company.
In return, Zuck has committed to live in California, or wherever Meta is headquartered, for 8 years after telling directors he might leave.
The threat was Proposition 40, a one-time 5% tax on California billionaires that goes to voters on November 3.
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