Culture Facebook Shareholders Launch Bid to Oust Mark Zuckerberg - The Cuck Zuck Gets Shucked

Jaimas

Autism War Correspondent
True & Honest Fan
kiwifarms.net
Source: Daily Mail

Facebook's shareholders launch bid to oust Mark Zuckerberg and abolish the firm's share structure during annual shareholding meeting - social site has called on its investors to strike it down
* The company listed the various proposals that will be tabled during the May 30th annual shareholding meeting
  • 'Stockholder Proposal Regarding an Independent Chair' looks to hire an independent executive to replace Zuckerberg as Facebook's chairman
  • Investors controlling roughly $3billion of Facebook stock support the measure but it still has a large probability of not gaining ground
  • The issue stems from Facebook's dual-class share structure - they allow their Class B shares to have 10 times the voting power of their Class A shares
  • Zuckerberg owns roughly 75percent of the class B stock
Facebook investors are trying to oust Mark Zuckerberg as chairman and also rid themselves of the company's share structure.

In a Securities and Exchange Commission filing from Friday, the company listed the various proposals that will be tabled during the May 30th annual shareholding meeting.

Included in the eight stockholder proposals are two that attempt to create noticeable change at Facebook, Business Insider reports.
One of the proposals - 'Stockholder Proposal Regarding an Independent Chair' - posits that an independent executive be hired to replace Zuckerberg as Facebook's chairman.

Facebook has asked for its investors to vote the proposal down.

Investors controlling roughly $3 billion of Facebook stock support the measure but it still has a large probability of not gaining ground.

The issue stems from Facebook's dual-class share structure - they allow their Class B shares to have 10 times the voting power of their Class A shares.

Zuckerberg owns roughly 75percent of the class B stock.

The exceptional power is part of the second proposal's aim to squash. It calls for 'fair and appropriate mechanisms through which disproportionate rights of Class B shareholders could be eliminated.'

It added: 'Fake news, election interference, and threats to our democracy -- shareholders need more than deny, deflect, and delay. We urge shareholders to vote FOR a recapitalization plan for all outstanding stock to have one vote per share.'

Facebook has also called for its investors to strike down that proposal.
 

Krokodil Overdose

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kiwifarms.net
This would be more informative if they told us what the stock mix was; since this proposal has any chance at all, the Zuck's 75% control of Class B shares mustn't represent the 50%+1 required for complete control of the company. I seem to recall Google getting slapped down by the FTC over similar share fuckery, to the point where they had to phase out their shares with multiple votes.

That said, there's nothing technically wrong with shares having more or less votes, so I doubt this is going to go anywhere.
 

Alec Benson Leary

Creator of Asperchu
Christorical Figure
kiwifarms.net
This would be more informative if they told us what the stock mix was; since this proposal has any chance at all, the Zuck's 75% control of Class B shares mustn't represent the 50%+1 required for complete control of the company. I seem to recall Google getting slapped down by the FTC over similar share fuckery, to the point where they had to phase out their shares with multiple votes.

That said, there's nothing technically wrong with shares having more or less votes, so I doubt this is going to go anywhere.
I don't think they keep their numbers very secret, I remember seeing a few months ago a basic breakdown of their stock owners and in pure numbers, Zuck does own significantly less than 50% of facebook. But his shares are all those class B high priority shares so that he keeps controlling interest.

It's really a reasonable thing for a company to do when they want public investors but don't want to get themselves hijacked. Any institutional investor who is confident in the direction behind a company might want to passively make profit off of stock without being interested in voting rights.
 

deodorant

more so prone to the autism
kiwifarms.net
Zinc-less Zany Zuckerburg Zaps all Zero shares of his Zaggled Zealous Zowerswopped Zeitgeist, Zooms back to Ziggurat Zigzagging for his private Zoo.

(this one was fucking hard, okay? there aren't a lot of words that start with Z so i had to dip into some obscure vocabulary)
 

Alec Benson Leary

Creator of Asperchu
Christorical Figure
kiwifarms.net
:optimistic: Please, God, let this lead to the death of Facebook. :optimistic:
Even if the board voted to tie Zuck to a SpaceX rocket and fly him to Triangulum or wherever Elon's next destination is, as far as the world cares it would just be a changing of the guard, not notable in terms of the company's plans for the rest of us.

But that won't happen. Dr Gero put a bomb in Zuck's chassis when he built him so that if Goku ever threatened to conquer his company he could blow up the earth. I doubt he's going anywhere.
 
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