Zuckerberg should not be allowed majority voting control. No one should. He shouldn't be on the board that is meant to hold the c-suite accountable to shareholders, either.
Right now Meta is more-or-less a sole proprietorship that has the legal status of a corporation and a bunch of potential bag holders in the retirement funds who hold the parts that Zuckerberg does not. Since they don't want to have their holdings lose value, they'll carry water for him with regulators and courts, but won't ever be in a position to make him actually change his conduct with how he runs the company.
This should be illegal.
These funds have expensively paid advisers, and should not be investing on a company with a an ISS Governance QualityScore of 10/10. For ISS 10 is the worst while 1 is the best...
https://www.iss-stoxx.com/research-advisory/governance-and-f...
gigatexal•34m ago
phyzix5761•22m ago
hyperhello•17m ago
lenerdenator•12m ago
And therein lies the problem.
Zuckerberg's turned the retirement funds into patsies. They have two options: exit their positions for something else, or hold water for him with regulators and the legal system while having no ability to fundamentally change the company due to the fact that he holds majority voting control.
Disinvestment creates the possibility of a stampede for the exit. If one major institutional shareholder starts to sell off, all of them might start to sell off, and there might not be any good paths out for the later sellers.
solid_fuel•5m ago
Gen Z grew up fully inside the panopticon, with every interaction measured and optimized for advertisers. I think the ones that wake up and look around are pissed.
Make no mistake, there is a possible future where enough progressives get power to reform the supreme court, and if that ever happens there will be a reckoning.