Billion-Dollar Facebook Investor Tells Mark Zuckerberg to Quit as Chairman

Re:Billion-Dollar Facebook Investor Tells Mark Zuckerberg to... by pnloyd on Tuesday April 03, 2018 @01:10PM (#16746807)

Question for anyone who knows the answer. Is there any legal way to force a majority controlling shareholder to do anything? I've read about Larry Page and Sergey Brin regularly ignoring shareholder requests to relinquish some of there powers over Google.

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Re:Billion-Dollar Facebook Investor Tells Mark Zuckerberg to... by mullen on Tuesday April 03, 2018 @01:18PM (#16746888)

Nothing they can do. Facebook stock is separated into "has 10 votes" and "has 1 vote". Mark owns the majority of the "has 10 votes" stock. He can literally do anything he wants with Facebook and there is nothing anyone else can do about it.

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Re:Billion-Dollar Facebook Investor Tells Mark Zuckerberg to... by ballenf on Tuesday April 03, 2018 @02:05PM (#16747380)

There are always limits. Every state has minority shareholder rights, even if the barrier to raising a claim is high.

The other, maybe obvious, area where the majority shareholder's authority is with regard to illegal acts. This is grayer than it seems in complex regulatory environments.

The practical approach is to get New York or California state legislatures to pass strict privacy controls. (I will then get a cheap post office box in that state and "move" my account under those restrictions on any platform that has much of my data.)

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