Several points remain open. Zuckerberg can immediately sell up to 20% of his Class C shares, roughly 10% of his total economic stake, and the filing says that includes funding a potential tax under California Proposition 40, which has not been enacted. A New Mexico judge reportedly ordered a separate $25 billion payment, but it is not reflected in this quarter's results. The stock fell about 6.5% in early Thursday trading, and Meta's free cash flow was negative $2.12 billion, the first such result since it became a public company. Analysts read the new share class as a signal that more spending is coming, and the company now expects 2026 capital expenditures of $135 billion to $145 billion.
For attorneys, the governance terms are the main thing to track. Zuckerberg has agreed to keep his primary residence in California for eight years, and his new shares are stapled to his voting shares and released over the same period. Google used a similar non-voting Class C structure in 2012, which gives practitioners a precedent to examine in shareholder litigation and proxy disputes. Watch for challenges to the no-vote approval, the Proposition 40 outcome, the New Mexico judgment, and how Meta's fourth-quarter results compare with its guidance of $73 billion to $76 billion in revenue.