Tech
Mark Zuckerberg Latest News: From Facebook To Politics, Plans To Sell Shares But Retain Company Control - Reveal Internal Papers
Niyati S.
First Posted: Dec 12, 2016 05:28 AM EST
It is being reported through various rumours that Mark Zuckerberg is planning towards a government position and office in the upcoming years. This is the reason he is trying to devise new methods to run for a government position and still retain control of the social media website, Facebook.
Mark Zuckerberg broke through to the world with his social media giant website almost a decade back. There have been several memoirs and depictions about his journey from a mere college students to an influential global figure. However, seems like he just cannot get enough of power wielding through just the private sector.
Several websites and reports have suggested in recent news that Mark Zuckerberg may be planning to run for the public office soon enough. He has tried to enable a plan that would permit him to take a public position and still have control over Facebook. A lot of effort has gone out from Facebook when saying that they had no role to play in the result of the highly publicized U.S. Presidential Elections of 2016.
However, whatever he may have to say about that aspect, it appears that he could be potentially looking for a government office soon. This news has been revealed through an April 2016 lawsuit. This lawsuit was brought against him by the minor investors of Facebook against Mark Zuckerberg's plan which would allow control of Facebook to remain with him, even if he sold off his majority shares stake in the company.
He is planning to create a new class of non-voting shares which dilutes the power of the present investors. Then he can sell his non-voting shares in Facebook and keep managerial control on the website. Zuckerberg owns the majority of shares, and the proposal was also approved by the other shareholders. However, the Board of Facebook also had to approve this proposal.
According to Bloomberg, even the board approved of the plan. But the minor investors in Facebook sued Mark Zuckerberg saying that the process was highly unfair against their interest.
Due to this lawsuit, some internal papers and memos have become public. CNBC also speculates that Zuckerberg wanted to take a 2 year leave of absence to "service in a government position" without losing control of the company. The worth of Facebook runs in billions of dollars, which is higher than the GDP of many countries.
Him and his wife, Priscilla also have pledged to donate 99% of their shares (almost $45 billion) to charity in their lifetimes.
Currently, his plan to supposedly enter the government office is kept on hold because the lawsuit needs to be resolved first. A decision needs to come out of it.
What do you think is going to unfurl in future? We will keep you updated with all news and updates about Mark Zuckerberg!
See Now:
NASA's Juno Spacecraft's Rendezvous With Jupiter's Mammoth Cyclone
TagsMark Zuckerberg News, Mark Zuckerberg, Facebook update, mark zuckerberg elections, mark zuckerberg politics ©2024 ScienceWorldReport.com All rights reserved. Do not reproduce without permission. The window to the world of science news.
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First Posted: Dec 12, 2016 05:28 AM EST
It is being reported through various rumours that Mark Zuckerberg is planning towards a government position and office in the upcoming years. This is the reason he is trying to devise new methods to run for a government position and still retain control of the social media website, Facebook.
Mark Zuckerberg broke through to the world with his social media giant website almost a decade back. There have been several memoirs and depictions about his journey from a mere college students to an influential global figure. However, seems like he just cannot get enough of power wielding through just the private sector.
Several websites and reports have suggested in recent news that Mark Zuckerberg may be planning to run for the public office soon enough. He has tried to enable a plan that would permit him to take a public position and still have control over Facebook. A lot of effort has gone out from Facebook when saying that they had no role to play in the result of the highly publicized U.S. Presidential Elections of 2016.
However, whatever he may have to say about that aspect, it appears that he could be potentially looking for a government office soon. This news has been revealed through an April 2016 lawsuit. This lawsuit was brought against him by the minor investors of Facebook against Mark Zuckerberg's plan which would allow control of Facebook to remain with him, even if he sold off his majority shares stake in the company.
He is planning to create a new class of non-voting shares which dilutes the power of the present investors. Then he can sell his non-voting shares in Facebook and keep managerial control on the website. Zuckerberg owns the majority of shares, and the proposal was also approved by the other shareholders. However, the Board of Facebook also had to approve this proposal.
According to Bloomberg, even the board approved of the plan. But the minor investors in Facebook sued Mark Zuckerberg saying that the process was highly unfair against their interest.
Due to this lawsuit, some internal papers and memos have become public. CNBC also speculates that Zuckerberg wanted to take a 2 year leave of absence to "service in a government position" without losing control of the company. The worth of Facebook runs in billions of dollars, which is higher than the GDP of many countries.
Him and his wife, Priscilla also have pledged to donate 99% of their shares (almost $45 billion) to charity in their lifetimes.
Currently, his plan to supposedly enter the government office is kept on hold because the lawsuit needs to be resolved first. A decision needs to come out of it.
What do you think is going to unfurl in future? We will keep you updated with all news and updates about Mark Zuckerberg!
See Now: NASA's Juno Spacecraft's Rendezvous With Jupiter's Mammoth Cyclone