Meta’s share price is down 73% in 2022 but Facebook investors can’t force the boss to change course
Mark Zuckerberg has squandered tens of billions of company dollars on building his mysterious metaverse.Mark Zuckerberg has squandered tens of billions of company dollars on building his mysterious metaverse.he other comedy in US tech land – aside from Elon Musk’s realisation that Twitter isn’t worth $44bn – is happening at Meta, the restyled Facebook. The joke in that case is on the shareholders.
Their problem is that they have no mechanism to force Zuckerberg to change direction. The founder owns only 13% of Meta’s shares but controls 54% of the votes thanks to a concentration in a class of stock with super-charged rights. The wailing and gnashing of teeth is terrible to behold. To US eyes, super-charged voting rights are par for the course, especially in media and tech land. They barely get mentioned when share prices are rising. Social media app Snap even managed to sell a class of stock with zero voting rights when it listed in 2017. The traditional UK perspective has been very different. Equal rights for equal economic risk has been the mantra here for several decades – and quite right, too.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stan Sport Pay-Per-View | Sonny Bill Williams v Mark Hunt | StanSBW 🇼🇸 David Tua 🇼🇸 Mark Hunt Mālo lava le galue malosi in preparation for a huge night for the Samoan sporting community. 🥊 🖥️ Order the Pay-Per-View now, on Stan. at Boxing SBWvHunt StanSportAU
Read more »
Collingwood part ways with CEO Mark AndersonCollingwood chief executive Mark Anderson has quit the club after nearly five years at the helm of the powerful AFL club.
Read more »
‘Tone deaf’: Mark Zuckerberg is a big problem for Meta investorsMark Zuckerberg built Facebook’s parent Meta into one of the biggest companies in the world, but some investors now see him as an obstacle to the stock recovering from a historic plunge.
Read more »
Gold Trip wins 2022 Melbourne Cup as jockey Mark Zahra gains redemptionGold Trip made light of inclement weather and an early-morning attempt to sabotage the track to win the 162nd running of the Melbourne Cup
Read more »