Not quite. The tax money doesn't go to shareholders. The part that reaches shareholders is a separate Meta stock move, and the two are easy to mix up.
The tax: Proposition 40 is a California ballot measure on the November 3, 2026 ballot. If voters approve it, billionaires who were California residents on January 1, 2026 would owe a one-time 5% tax on their net worth, payable to the state. Estimates for Zuckerberg range from about $10 billion to $12 billion, depending on his net worth figure, which Forbes puts near $240 billion to $250 billion.
The Meta stock move: Meta said on October 21, 2026, in its third-quarter filing, that it will create a new non-voting Class C stock, distributed to all existing Class A and Class B holders at one new share for each share they own, with trading planned for January 2027. That dividend is paid to all shareholders, Zuckerberg included, so it's a share split of sorts, not payment of the tax.
Zuckerberg's part: He can sell 20% of the Class C shares he receives right away, about 10% of his economic stake, without giving up voting control. The rest unlocks in installments over eight years, on condition that he keeps living in California. The filing says the shares would give him about $20 billion in liquidity to pay any bill.
So the answer is no: his tax would go to California if the measure passes, while the new shares go to every Meta shareholder.
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🕒 As of October 2026
