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Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week. If passed by voters in the November 3 election, the measure would levy a one-time 5 per cent tax on the wealth of Californians whose net worth exceeds USD 1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than USD 220 billion, according to Forbes. That would put his tax liability at more than USD 11 billion. Actions announced by the tech giant on Wednesday will keep Zuckerberg as the majority owner of the company -- and also give him the ability to sell some of a new class of non-voting shares "for any reason", including to pay potential bills from the wealth tax. The compromise came after Zuckerberg told the board he was considering selling his Palo Alto home last month in anticipation of the proposed tax. But he later
As many as 576 individuals have reported a gross total income of Rs 100 crore or more in their income tax returns in the 2025-26 assessment year, registering a 4-fold growth over the past five years, Parliament was informed on Monday. This was stated by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha in reply to a question on whether the government is aware that there has been a significant increase in the number of billionaires in the country and that it is among the leading nations in the world in this regard. In a written reply, Chaudhary said there is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961. However, the number of individuals having reported gross total income of Rs 100 crore or more in the Income-tax Returns (ITRs) filed in Assessment Year (AY) 2025-26 stood at 576. This is a sharp 4-fold spike from 142 reported in AY 2021-22. The number of individuals with gross total .
As the rich and powerful from across the world start filling snow-clad lanes here, a new study said billionaires are 4,000 times more likely to hold any political office than ordinary people, and their wealth jumped three times faster in 2025 than the past-five-year average to a record high of USD 18.3 trillion. In Indian currency, it translates to more than Rs 1,660 lakh crore. Hours before the 56th World Economic Forum Annual Meeting 2026 begins in this Swiss ski resort town, rights group Oxfam International released its own annual inequality report to highlight that the ever-deepening wealth divide was also sparking dangerous political inequality. The meeting is being attended by over 3,000 global leaders, including more than 60 heads of state or government, as part of an over 400-strong political leadership presence in this small town in the Alps. Oxfam International said the billionaire wealth jumped by over 16 per cent in 2025, while it has increased by 81 per cent since ...
Hundreds of protesters marched through Venice's central streets Saturday to say No to billionaire Jeff Bezos, his bride and their much-awaited wedding extravaganza, which reached its third and final day amid celebrity-crowded parties and the outcries of tired residents. On Friday, the world's fourth-richest man and his bride Lauren Sanchez Bezos tied the knot during a private ceremony with around 200 celebrity guests on the secluded island of San Giorgio. The wedding, however, angered many Venetians, with some activists protesting it as an exploitation of the city by the billionaire Bezos, while ordinary residents suffer from overtourism, high housing costs and the constant threat of climate-induced flooding. As the two newlyweds prepared for the final party Saturday evening, hundreds of Venetians and protesters from across Italy filled Venice's tiny streets with colourful banners reading Kisses Yes, Bezos No and No Bezos, no War". The demonstration contrasted with the expensive ..