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Zuckerberg won't create new Facebook share class after shareholder lawsuit

It would have helped him to retain control of the company and fund his pledge to give his wealth to charity

Reuters  |  Wilmington 

Facebook Inc Chairman Mark Zuckerberg abandoned plans on Friday to create a new class of company stock with no voting power, which was meant to be a way for Zuckerberg to retain control over the company he founded while fulfilling a pledge to give away his wealth. Zuckerberg on Friday said that he could meet the charity pledge and maintain voting control of Facebook without the change. His decision followed a shareholder lawsuit opposed to the creation of a new class of stock. Zuckerberg said in a post on Facebook that the company's stock had performed well enough that ...

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First Published: Sat, September 23 2017. 14:25 IST