Facebook scrapped plans to create a new class of shares, a rare victory for outside investors in a battle for control of the world’s largest social media company. The move would have let Chief Executive Officer Mark Zuckerberg keep voting control even while selling almost all his shares to fund philanthropic endeavours. On Friday, only days before he was scheduled to appear in court over the matter, Zuckerberg said he will proceed without the plan. The decision follows a rash of technology executives creating special shares to control their companies, and may make ...
Facebook scraps new share class in rare win for investors
Move would have let Zuckerberg keep voting control even while selling almost all his shares
Sarah Frier | Bloomberg Last Updated at September 23, 2017 21:49 IST