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From this article — "one roadblock in the talks with Facebook was that Mr. Spiegel questioned whether he wanted to work for Mark Zuckerberg, Facebook’s young bi
by npalli 13y ago
From this article — "one roadblock in the talks with Facebook was that Mr. Spiegel questioned whether he wanted to work for Mark Zuckerberg, Facebook’s young billionaire chief executive”
Excerpt From: Nick Bilton. “Hatching Twitter." — “Biz and Ev had driven down to Facebook’s campus a few days earlier to meet with Mark. Like most meetings involving the chief of Facebook, it had been almost unbearably uncomfortable”
Looks like founders don’t want to work for Zuckerberg. Any company looking to sell to Facebook would need a 50% Zuckerberg premium.
- rtpg 13y agoCould Zuckerberg be forced out of the leadership now that FB is public? sounds like a good reason to push him slightly aside, especially given how aqui-hire-y everyone is recently
- cylinder 13y agoNo. FB is hardly a public company, even though its shares can be traded on public exchanges. Zuckerberg owns about 28% of the company, but has ~57% of the votes. Shareholders other than Zuckerberg have no say on the Board. Even FB itself listed Zuckerberg's voting power as a potential risk on its own S-1 filing. ”So long as the outstanding shares of our class B common stock represent a majority of the combined voting power of our common stock, Mr. Zuckerberg will be able to effectively control all matters submitted to our stockholders for a vote, as well as the overall management and direction of our company.”
- sillysaurus2 13y agoI've always wondered how investors allowed that to happen. They collude in every other matter, why not this one? FB needed investment to survive, so one of the terms could've been "give up your power."
- cylinder 13y agoFB was too popular at IPO, they could do whatever they wanted. Activists only get involved when shares underperform. Otherwise, they have no leverage. Shareholders only care about the stock price and nothing else.
- waps 13y agoI don't understand that at all. Suppose the shareholders' dreams happen and Facebook starts earning enough to make dividend payments that repay the value of the stock in, say, 10 years. What's to stop Zuckerberg from just directly diluting every other shareholder ? (and of course, that's exactly what probably happens right now, because Zuckerberg gets more stock options yearly than anyone else, so his voting power does not dilute over time) Please don't see this as an attack on Facebook. It's hardly alone in doing this. And I do agree that Zuckerberg is probably a lot more qualified to run Facebook than any (set of) investors. Still, why take the risk that he might "cheat" ? Why are these shares selling ?
- bsaul 13y agoNever read that mark zuckerberg had this reputation. What's the thing that makes him (presumably) uncomfortable to work with ?