Facebook Shareholders Vote To Fire Mark Zuckerberg As Chairman – Market News Wire 24
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Facebook Shareholders Vote To Fire Mark Zuckerberg As Chairman

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In Facebook’s annual shareholder meetings, 68 per cent of the shareholders have voted for the ouster of Mark Zuckerberg from the company. There has been a revolt amongst the shareholders from a long time as they believe their leader is arrogant to let anyone even speak. The 68 per cent who voted against Zuckerberg wanted an independent chairman for the company and also wanted to scrap the prevalent share structure.

The people who have voted against Zuckerberg want him to be at the operations while an independent chairman looks after any wrong that happens within the company. The members were unhappy with the way Zuckerberg handled proceedings after the Cambridge Analytica data breach and also the company’s role during the 2016 elections. They believe an independent chairman would have tightened the screws in the first slip up itself and would have easily avoided any second failure. Despite majority voting in for the change, the proposal could not work out owing to the dual-class share structure of Facebook. As per the structure, Class A shareholders’ votes count as 1 vote, while that for the Class B shareholders count as 10 votes. 83.2% shareholders voted to scrap this share structure as well.

Facebook is currently working majorly on the development of their own Cryptocurrency, GlobalCoin. They are aiming to launch it around the first quarter of next year. Initially it will be made available for users in 12 countries. It is reported that Facebook have already began talks with US and British financial regulators to look after all the legal implications. It was also reported that they’ve set up a company named Libra Networks in Switzerland, which will look after the Cryptocurrency affairs for the firm. Despite all the hard work, making it available even for 12 countries won’t be an easy task.

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