Zuckerberg Stock Deal, Meta Restructuring Hit With Challenge

Mark Zuckerberg and other Meta Platforms Inc. board members were sued by a pension fund Tuesday over a capital restructuring that would let the Facebook founder keep corporate control while selling stock worth billions. The lawsuit, filed in Delaware’s Chancery Court, seeks to block the transactions, which were approved Oct. 19 and disclosed in an Oct. 21 securities filing. The maneuver, set to take full effect Jan. 17, created a new class of nonvoting stock, giving the world’s sixth-richest person a grant of shares he could unload to offset a potential wealth tax bill from California without sacrificing his dominant voting stake.