Facebook drops no-vote stock plan, Zuck will sell share to fund philanthropy
https://techcrunch.com/2017/09/22/facebook-sharing/
Mark Zuckerberg has gotten so rich that he can fund his philanthropic foundation and retain voting control without Facebook having to issue a proposed non-voting class of stock that faced shareholder resistance. Today Facebook announced that it’s withdrawn its plan to issue Class C no-vote stock and has resolved the shareholder lawsuit seeking to block the corporate governance overhaul.
Instead, Zuckerberg says that because Facebook has become so valuable, he can sell a smaller allotment of his stake in the company to deliver plenty of capital to his Chan Zuckerberg Initiative foundation that aims to help erradicate disease and deliver personalized education to all children.
Facebook drops no-vote stock plan, Zuck will sell share to fund philanthropy
Sep 22, 2017, 9:22pm UTC
https://techcrunch.com/2017/09/22/facebook-sharing/
>Mark Zuckerberg has gotten so rich that he can fund his philanthropic foundation and retain voting control without Facebook having to issue a proposed non-voting class of stock that faced shareholder resistance. Today Facebook announced that it’s withdrawn its plan to issue Class C no-vote stock and has resolved the shareholder lawsuit seeking to block the corporate governance overhaul.
>Instead, Zuckerberg says that because Facebook has become so valuable, he can sell a smaller allotment of his stake in the company to deliver plenty of capital to his Chan Zuckerberg Initiative foundation that aims to help erradicate disease and deliver personalized education to all children.