Who owns controlling interest in facebook

Just this year alone, Zuckerberg has been able to beat back efforts by other shareholders who have asked the company to report both on its efforts to combat child sexual exploitation through its products and on its efforts to fight its use as a home for disinformation, hate speech, and the incitement of racial violence. A chief executive officer--even as a founder--is just as much an employee of the company as anyone else who shows up to work.

At Facebook, Zuckerberg is both CEO and board chair, a situation that shareholders have tried to change, but he also voted that down. Shareholders get to voice their opinions of company management and key business issues through proxy voting. At most companies, one share equals one vote. The Facebook shares that you and I, along with big investors like mutual funds, can buy are Class A shares, of which there are roughly 2.

We get one vote for each share. But Zuckerberg and a select group of others own Class B shares, which afford them 10 votes per share. There are roughly million Class B shares. Facebook's ever-increasing problems stem from a variety of sources, from its contract security firm to Washington D.

But even outside of Facebook's shareholder meeting, there seems to be a growing appetite to hold Zuckerberg personally accountable for Facebook's misdeeds. Federal regulators have reportedly been considering whether to hold Zuckerberg personally liable for the company's failings, citing Zuckerberg's influence over the company as its C. Ron Wyden wrote in an April letter to the F. Short of a government-imposed check on Zuckerberg's power, though, the C.

Looking for more? Sign up for our daily Hive newsletter and never miss a story. The Facebook co-founder has made enemies—very rich enemies—of many of his former partners, who are now speaking out. Chris Hughes and the others should put their money where their mouth is. By Nick Bilton. Looking back on his insights about Facebook a decade later, Ben Mezrich realized he underestimated the Winklevoss twins. 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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