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> It's his company, and he can do what he wants. Facebook is a publicly held company. Mark Zuckerberg has less than 30% of its shares. > We created Zuckerberg
by Samuel_Michon 13y ago
> It's his company, and he can do what he wants.
Facebook is a publicly held company. Mark Zuckerberg has less than 30% of its shares.
> We created Zuckerberg ourselves by collectively choosing to use Facebook to regulate our social lives
And people will let it until they lose trust in Facebook or if an alternative comes along that serves their needs better. AOL, Friendster, and MySpace came before, they screwed up, and are insignificant now.
- selmnoo 13y agoHe's still pretty much the decision maker though. And anyway, I've always thought that the title 'publicly held company' is a bit of a misnomer. The word 'public' (to some people) almost implies a connotation of public interest and true public ownership... when the reality of it is actually the opposite in a lot of cases.
- Samuel_Michon 13y agoUnderstood, but as a publicly held company, anyone with enough money can swoop in and buy enough shares to get a seat at the table, whether Zuckerberg likes it or not (people like Carl Icahn come to mind).
- belandrew 13y agoIt's not that simple. Facebook has two classes of shares. While Zuckerberg only kept 28% of the shares, he kept 57% of the voting rights. So it's still entirely his decisions.
- seiji 13y agoIt's amusing and tragic how the big money people figured out how to subvert the stock = ownership = voting rights equation. It feels technically legal, but actually wrong on a couple levels. Their entire premise is "We're smarter than the rest of the world and you poor people can't be trusted with the big important decisions of us billionaires." This is social media on the internet after all—the most important advancement in humanity's collective history.
- Samuel_Michon 13y agoYikes, I was not aware of that.