Facebook announces new proposal to solidify Mark Zuckerberg’s Control

Apr 28, 2016
[caption id="attachment_665721" align="alignnone" width="644"]Facebook CEO Mark Zuckerberg Facebook CEO Mark Zuckerberg[/caption] Facebook yesterday proposed a new class of stock  to allow Mark Zuckerberg to maintain control of the Silicon Valley company. The creation of the new class of shares allows the chief executive to preserve his voting power at Facebook, even as he begins an effort to give away the majority of his stock for charitable purposes. "To maintain our focus on this mission, we have always been a founder-led company. This structure has helped us resist the short term pressures that often hurt companies," Zuckerberg said in a statement. "It has helped us grow our community, build our business and create shareholder value. It has given us the freedom to prioritize your product experience and invest in new apps like Instagram — decisions that don’t always pay off right away, but that we believe help us serve our community and our shareholders." The Facebook founder says that when I look out at the future, I see more bold moves ahead of us than behind us. "We’re focused not on what Facebook is today, but on what it can be, and what it needs to be for our community. That means investing in areas like spreading connectivity, building artificial intelligence and developing virtual and augmented reality. I am committed to our mission and to leading Facebook there over the long term." While helping to connect the world will always be the most important thing I do, there are more global challenges that I feel a responsibility to help solve — like helping to cure all diseases by the end of this century, upgrading our education system so it’s personalized for each student, and protecting our environment from climate change. That’s why Priscilla and I created the Chan Zuckerberg Initiative and committed to give 99 percent of our Facebook shares during our lives to advance human potential and promote equality. Today, Facebook’s board of directors is announcing a proposal to create a new class of stock that will allow us to achieve both goals. “I’ll be able to keep founder control of Facebook so we can continue to build for the long term, and Priscilla and I will be able to give our money to fund important work sooner. Right now, there are amazing scientists, educators and doctors around the world doing incredible work. We want to help them make a bigger difference today, not 30 or 40 years down the road.” If this proposal goes into effect, we’ll get to keep improving your Facebook experience the way we do today. And over the long term, I think you’ll have better services and be part of a stronger community as a result. I believe in our community and the good we can do in the world, and I’m looking forward to continuing this journey with you. - SAMAA

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