Meta gains on earnings beat despite rising AI costs | Morning Bid (youtube.com)
'Zuckerberg owns 13.4% of Meta but 60.6% of votes.
On 3 November, California votes on a 5% billionaire tax.
Paying it could cut his voting power to about 53%.
So Meta is creating new shares that carry no vote.
He can sell those shares to pay the tax.
Meta says many factors drove the decision, not one man.
Control of a giant company can hinge on a tax bill.' - The Next Web