To justify installing an independent chair, Trillium lists some missteps Zuckerberg has overseen during his monarchical reign. They include facilitating Russian meddling in U. That's a partial list. Zuckerberg's arrogance, an offshoot of his unassailable position, is palpable. It accounts for Facebook's chronic insensitivity to its users' privacy needs, and the trouble the company has gotten into with the Federal Trade Commission and European regulators. Checks on Zuckerberg's whims almost never arise.
One teachable moment came in , when Facebook proposed creating a third class of stock, with no voting rights whatsoever. Zuckerberg pretended that this idea had been cooked up by the board of directors so he and his wife could give away their Facebook shares to charity without his losing voting control, but of course the board of directors is effectively him.
The shareholder vote at the annual meeting came in overwhelmingly in Zuckerberg's favor, but he eventually abandoned the plan anyway, thanks to the furious reaction from outside shareholders and a shareholder lawsuit over the plan that was about to go to trial when Zuckerberg bailed. But that's an outlier. In almost every other particular, Zuckerberg's position wins. One can admire the persistence of the shareholders who fight every year to defeat him at the annual meeting, but their efforts are a modern-day definition of "quixotic.
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More From Forbes. Nov 9, , pm EST. Nov 9, , am EST. Nov 8, , pm EST. Nov 8, , am EST. Nov 2, , am EDT. Sean Parker is a name that many of you would have been familiar with since way before Facebook, due to his role in Napster, the peer2peer file-sharing program. When that eventually went sour and everyone tried to sue him, he walked away with an interesting reputation and a whole lot of knowledge. His share has been of course watered down in the past eight years as new investors have gotten on board, looking for a stake in the business.
Poor things. All jokes aside though, they had the money, and they saw the opportunity and potential so they took it. It was only in about , when the majority of my friends and I started to say goodbye to MySpace for good, and open up a Facebook account instead. Chris Hughes is the fourth roommate to Mark, Eduardo, and Dustin, from when they were back at Harvard, and that was how he got involved with Facebook. It makes you wonder what would happen now if you invested the same amount of money?
I think that even back in there were plenty of investors who felt like they had already missed the boat when really, that was when Facebook really started to take off and secure itself as a giant of the internet.
Rightly or wrongly in a world of Fake News, Facebook has become in my opinion the ultimate news organization. Which of course is one of the reasons many people ask Who Owns Facebook? We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Accept Read More. Who Owns Facebook? We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits.
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