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Thursday July 26th 2018: Zuckerburg chickens come home to roost on Wall Street

Zuckerburg chickens come home to roost on Wall Street!

Fqcebook shares PLUMMET 19% in 6 hours!

From the DailyMail.com:

Facebook shareholders try to fire Mark Zuckerberg as chairman because of the ‘mishandling’ of recent privacy and election meddling scandals

  • Investment company Trillium Asset Management filed a proposal on Wednesday to oust Mark Zuckerberg as chairman of Facebook
  • The investors want to break up Zuckerberg’s role as both chairman and CEO
  • Proposal argues that shareholders are unable to check Zuckerberg’s power given he holds roughly 60 percent of Facebook’s voting shares 
  • They say having him as both weakens the board’s oversight of management
  • Investors argue that the oversight has contributed to Facebook ‘mishandling’ recent controversies, including Cambridge Analytica and election meddling
  • It came just hours after Facebook shares went into a freefall on Wednesday, wiping out an estimated $150 billion in market value
  • Zuckerberg also took a hit with him losing nearly $20 billion in just two hours

Shareholders are trying to fire Mark Zuckerberg as chairman of Facebook because of the social media giant’s ‘mishandling’ of recent scandals, including the Cambridge Analytica data saga, Russian meddling in the US election and fake news.

Investment company Trillium Asset Management, who has about $11 million in Facebook stock, filed a proposal on Wednesday to break up Zuckerberg’s role as both chairman and CEO, Business Insider reports.

The proposal argues that shareholders are unable to check Zuckerberg’s power given he holds roughly 60 percent of Facebook’s voting shares as both chair and CEO.

‘A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board’s oversight of management,’ the proposal states.

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