Meta's Chief Executive Mark Zuckerberg has wielded enormous power over the social media empire he built more than two decades ago, leading the California juggernaut through major scandals, scrutiny and technological shifts.

But the 42-year-old tech mogul considered leaving the state because he feared that a ballot measure to impose a one-time 5% tax on the assets of California billionaires could reduce the amount of control he has over Meta, a recent regulatory filing shows. Meta's board struck a deal so he would stay in California. Meta is the parent company of Facebook, Instagram and WhatsApp.

The filing highlights how one of the world's wealthiest people, whose net worth totals more than $200...