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"Mark Zuckerberg owns the majority of voting shares." He only owns about 13% of Meta's voting shares, not a majority But he owns 99.8% of Class B shares Clas
by 1vuio0pswjnm7 1mo ago
"Mark Zuckerberg owns the majority of voting shares."
He only owns about 13% of Meta's voting shares, not a majority
But he owns 99.8% of Class B shares
Class A get one vote per share
Class B get 10 votes per share
No doubt the author is aware of Meta's voting structure hence her choice of the words "voluntarily resign"
The author suggests "the board" or "Meta", not the shareholders, some of whom are not on the board and do not work for Meta, ask Zuckerberg to voluntarily resign:
"But if Meta is truly interested in prioritizing the safety of users, the board should request the resignation of Mark Zuckerberg and restructure to put safety above profit."
"Beyond the courts, Meta could triage the situation by calling for Zuckerberg to voluntarily resign."
The author probably means the board when she uses the word "Meta" in the second example. (Zuckerberg serves as chair) It's possible she might mean employees. It's difficult to imagine she means non-employee shareholders
"If you think the actions of Meta are wrong and should be prevented, you need to act on the regulatory level, not appeal to the very shareholders who profit off the behaviour."
But the author appeals to "the board" and "Meta", not shareholders
Meta shareholders have been trying to change the voting structure since 2014
For example, look at Meta's last proxy statement
https://www.sec.gov/Archives/edgar/data/1326801/000162828026025532/meta-20260416.htm https://www.sec.gov/Archives/edgar/data/1326801/000162828026...
Most of the votes in favor of Proposals Five and Six came from Class A shares
Meta shareholders who profit from Meta's behaviour are in fact trying to change it
SHAREHOLDER PROPOSALS TO BE VOTED ON AT THE ANNUAL MEETING
Shareholder Proposals 67
Proposal Three: Shareholder Proposal Regarding Report on AI Data Usage Oversight 67
Proposal Four: Shareholder Proposal Regarding Annual Vote Regarding Executive Pay 70
Proposal Five: Shareholder Proposal Regarding Dual Class Capital Structure 71
Proposal Six: Shareholder Proposal Regarding Disclosure of Voting Results By Share Class 73
Proposal Seven: Shareholder Proposal Regarding Report on Human Rights Due Diligence 75
Proposal Eight: Shareholder Proposal Regarding Report on Addressing Antisemitism and Hate in Online Platforms 77
Proposal Nine: Shareholder Proposal Regarding Report on Climate Change-Related Commitments 79
Proposal Ten: Shareholder Proposal Regarding Report on Integrating Child Safety Improvements into the Executive Compensation Program 81
Proposal Eleven: Shareholder Proposal Regarding Data Protection Impact Assessment on Generative AI Chatbots 83
Proposal Twelve: Shareholder Proposal Regarding Report on Risks of Anti-American Discrimination from H-1B Visa Program Use 85
- upupupandaway 1mo ago>True, but that's not what the author suggested The author calls on the board to make him resign. It is the second paragraph of the article, if you care to read it.
- throwaway270925 1mo agoMaybe you should care to read it yourself: > "... the board should request the resignation of ..." So, ask him to voluntarily resign, not "make him", just as GP wrote.
- 1vuio0pswjnm7 1mo agoThe author calls on the board to ask Zuckerberg to "voluntarily" resign. The board cannot "make" him resign But the HN reply refers to "appealing to shareholders"
- 1vuio0pswjnm7 1mo agoParent comment was previously #1 in the thread
- 1vuio0pswjnm7 1mo agoGP not parent