Facebook’s (FB) Mark Zuckerberg Isn’t Going Anywhere

Facebook had its annual shareholder meeting this week and voted on 13 proposals including one that allows Mark Zuckerberg to remain in charge of Facebook as he intends to donate a majority of his shares to charity.

“I plan on running and being involved in Facebook for a very long time,” Zuckerberg assured investors at the meeting.

Zuckerberg currently has 53.8% of the total outstanding voting power (60% if you include a voting proxy from co-founder Dustin Moskovitz).

To keep the Facebook CEO in control, the company plans to issue two shares of Class C shares for every Class A and Class B shares held by its shareholders; effectively creating a 3-1 stock split.

The split would allow the CEO to sell his non-voting stock while retaining Class A and B shares, allowing Zuckerberg remain in control of the company he founded.

Zuckerberg says he wants to put 99 percent of his shares in Facebook to a new philanthropy project. Shareholders kept all eight board members in tact, including Paypal Holdings Inc. Co-Founder Peter Thiel.

Disclaimer: We have no position in Facebook Inc. (NASDAQ: FB) and have not been compensated for this article.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

sophia-villa has 2020 posts and counting.See all posts by sophia-villa