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Facebook shareholders want to limit Zuckerberg’s voting power

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Facebook shareholders want to limit Zuckerberg’s voting power
April 15
13:00 2019

Shareholders of Facebook have decided to change the voting rules for the holders of preferred shares. It is about the reduced influence of the company’s founder and chairman of the board Mark Zuckerberg. This proposal was posted on the SEC website (Securities and Exchange Commission).

Mr. Zuckerberg owns only 13% of the company, but he personally controls 51% of all votes. This state of affairs does not suit the board of directors. It turns out that the shareholders do not have rights proportional to the amount of funds invested in the company. Since last July, the cost of the American company Facebook has decreased by 40%. The directors believe that the disproportionally divided votes became one more reason for this decrease.

Under the current rules, Mr. Zuckerberg’s power is great. He can change board members and make the most strategic decisions for the development of the company.

In recent years, the company has often been at the center of scandals related to leaks of users’ personal data as well as failures in the fight against fake news.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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