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Facebook’s board rejected a proposal to reduce Zuckerberg’s control of the company

Facebook's board rejected a proposal to reduce Zuckerberg's control of the company

Mark Zuckerberg founded Facebook in 2002 while studying at Harvard University and has served as its CEO ever since. Under the leadership of Mark Zuckerberg, Facebook and its subsidiaries have grown rapidly over the years and have long been the largest network. In addition to serving as CEO, Zuckerberg also owns about 58% of the company’s voting rights, which gives Zuckerberg more power and control over Facebook.

Some Facebook shareholders believe that Mark Zuckerberg’s overwhelming power over company decisions is not enough for Facebook, and the company needs a more independent leadership to address growing concerns about security, privacy, and disagreement. Recently, Facebook Inc. received some proposals claiming that they would reduce Zuckerberg’s influence on the company, but Facebook refused to accept these two proposals.

On Wednesday, Facebook refused to accept the proposal to replace President Zuckerberg. Zuckerberg has been the president of Facebook since 2012 and has the most votes in the company. Facebook owns a special type of voting stock that allows anyone who owns it to express opinions in important decisions, making those who own these stocks a very important position in the company.

That year someone proposed to remove this particular type of voting stock from the company because it gave Mark Zuckerberg a lot of control over Facebook because it owns 58% of these stocks. However, this request was rejected by the board of directors. In the past few years, proposals to weaken Mark Zuckerberg’s influence on Facebook have surfaced, but they have all been rejected by the board of directors controlled by Zuckerberg.​​​​

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The stronghold on Facebook has disappointed many Facebook shareholders. Shareholders argue that if Facebook is more independent, it will perform better. In addition, Facebook recently announced that it will reappoint board members, including celebrities such as Sheryl Sandberg, and Palantir co-founder Peter Thiel, to re-elect the current board of directors. For those who do not like Zuckerberg’s power over Facebook, it will surely disappoint shareholders.

Facebook's board rejected a proposal to reduce Zuckerberg's control of the company

credit: Digital Information World

LAST THOUGHTS:

Under the leadership of Mark Zuckerberg, Facebook and its subsidiaries have grown rapidly over the years and have long been the largest network. In addition to serving as CEO, Zuckerberg also owns about 58% of the company’s voting rights, which gives Zuckerberg more power and control over Facebook. Zuckerberg has been the president of Facebook since 2012 and has the most votes in the company.

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