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According to foreign media reports, Meta Platforms (META.O) has signed an agreement with CEO Zuckerberg requiring him to continue residing in the jurisdiction where the company is headquartered for the next eight years. Previously, Zuckerberg said he would consider leaving California if the state passed a wealth tax. Meta said in a filing on Wednesday that Zuckerberg "will continue to reside in California, or any other jurisdiction in which the company is headquartered, for the next eight years." Meta said Zuckerberg is considering leaving California because the state's proposed wealth tax could expose him to a multibillion-dollar tax bill and could force him to sell voting shares to pay the tax. The company said in the filing that the transaction will issue Class C shares to Zuckerberg, partly for the very purpose of avoiding this situation. Under the agreement, Zuckerberg may immediately sell 20% of the Class C shares received, equivalent to 10% of his overall economic interest. This will provide him with liquidity to address the potential tax burden arising from California's Proposition 40. The proposition will be put to California voters next month.