"California Gov. Gavin Newsom unveiled the gift on Jan. 28, tying it to a major redevelopment of three vacant state office buildings on Sacramento's Capitol Mall into a downtown campus. The gift from Zuckerberg and Meta will fund abatement, demolition, and initial construction of the campus, enabling new student housing alongside new academic spaces, including STEM facilities and an AI center."
"Meta's donation also comes at the heels of an interesting corporate and financial dynamic in California: billionaires may soon be subject to a one-time 5% tax on their wealth. Many billionaires, including Google cofounders Larry Page and Sergey Brin, Oracle cofounder Larry Ellison, PayPal cofounder Peter Thiel, and Craft Ventures David Sacks, have already moved their permanent residences out of state to avoid the tax."
"Zuckerberg hasn't made any public statements about the billionaires tax, and is instead doubling down on California investments and legacy. "These investments will help strengthen our communities and support the next generation of leaders and innovators," Zuckerberg said in a statement. The Meta CEO also owns a compound of 11 properties in Palo Alto's Crescent Park neighborhood, valued at more than $110 million."
Mark Zuckerberg and Priscilla Chan redirected the Chan Zuckerberg Institute's focus toward biomedical AI research. Zuckerberg pledged $50 million to Sacramento State to support redevelopment of three vacant state office buildings into a downtown campus. The donation will fund abatement, demolition, and initial construction, enabling new student housing and academic spaces including STEM facilities and an AI center. The gift arrives amid a proposed one-time 5% wealth tax in California that has prompted other billionaires to relocate out of state. Zuckerberg has not publicly addressed the tax and continues to invest in California infrastructure and education.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]