facebook backs off plan for nonvoting shares
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Facebook backs off plan for non-voting shares

Arab Today, arab today

Arab Today, arab today Facebook backs off plan for non-voting shares

Facebook founder and CEO Mark Zuckerberg, seen in 2016 with his wife Priscilla Chan
San Francisco - Arab Today

Facebook on Friday reversed course on a plan to issue a new non-voting class of shares, avoiding a public trial in a suit filed by investors in the huge social network.

The plan unveiled last year had been designed to allow founder and chief executive Mark Zuckerberg to maintain voting control as he divests to fund a philanthropic initiative with his wife Priscilla.

But he said the separate share structure was no longer needed.

"Over the past year and a half, Facebook's business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more," Zuckerberg said on his Facebook page.

He said that he and his wife still plan to give away 99 percent of their Facebook shares during their lifetimes, and are even accelerating the process.

Zuckerberg expected to sell 35 to 75 million Facebook shares during the coming 18 months to fund philanthropic work in education, science, and advocacy through the Chan Zuckerberg initiative.

Zuckerberg said he asked board members to withdraw the proposal to create non-voting shares, and they agreed.

Zuckerberg has repeatedly laid out a long term vision for Facebook that requires leadership willing and able to forgo short-term profit for longer term returns.

A class action lawsuit filed in a Delaware court to block the share reclassification plan was scheduled to get under way shortly, with Zuckerberg among those expected to be called on to testify.

The rise in Facebook shares has given the social network a market value of nearly $500 billion, giving Zuckerberg a net worth of some $70 billion according to a Forbes magazine estimate.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

facebook backs off plan for nonvoting shares facebook backs off plan for nonvoting shares

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

facebook backs off plan for nonvoting shares facebook backs off plan for nonvoting shares

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday