4 ms·
This all seems like a rerun of Uber - bad news on bad news compounding on bad news. Something is very rotten at Facebook and has been for a long time now.
by seem_2211 8y ago
This all seems like a rerun of Uber - bad news on bad news compounding on bad news. Something is very rotten at Facebook and has been for a long time now.
- misiti3780 8y agoYa, and Uber had a change of leadership, lets hope something like that happens at facebook too.
- wmf 8y agoI guess the difference is that Zuck has over 60% voting control of Facebook so he can't be forced out.
- roguecoder 8y agoFacebook's record is the best argument for banning dual share classes: if you want to keep control of your company, you shouldn't be able to do that at the same time as selling most of it off. If you are running a public company, you should be accountable to your shareholders.
- swift532 8y agoI disagree, those shareholders know what they're getting into when they buy the stock. I do agree with just about 95% of criticism directed at Facebook, so this isn't me defending them specifically. I just don't see why dual share classes should be forbidden as long as people are properly informed when purchasing non voting ones. If I offered you 10% of my bakery's profits but told you explicitly that you'd have no voice in how I run it, it could be a good deal for both of us and we'd both know what we're getting into.
- roguecoder 8y agoIt's not about whether it's a "good deal" for the investors: it is that as a society allowing unaccountable business dudes to run roughshod over society isn't working out so well.
- wmf 8y agoIf you eliminate dual share classes then those dudes will remain unaccountable by never going public.
- munk-a 8y agoI think the basic concept of what Facebook is as a company is just a rotten idea. This sort of monetized social network is a very dystopian concept and probably indicates a basic societal issue.