Re:Meta lays off 11,000 people
by abeppu on Wednesday November 09, 2022 @03:58PM
(#33537726)
> Or altering the voting situation where he has absolute power
Absolutely this. Others in this thread are saying that the fact of having lost a lot of money is enough for him to be "accountable". But IMU the specific arrangement with Meta class B vs class A shares is that the group of other institutional investors lost _more_ but didn't have any ability to influence decisions, replace the CEO, etc. Zuckerberg's large on-paper loss isn't accountability for decisions he made, but is just the risk of being a wealthy person with a lopsided portfolio.
Both because of his role in deciding to hire so much, and because he's dead set on pursuing a metaverse vision which is controversial, I think "accountability" would require him to at least make it possible for other shareholders to vote on proposals on an equal footing.
Absolutely this. Others in this thread are saying that the fact of having lost a lot of money is enough for him to be "accountable". But IMU the specific arrangement with Meta class B vs class A shares is that the group of other institutional investors lost _more_ but didn't have any ability to influence decisions, replace the CEO, etc. Zuckerberg's large on-paper loss isn't accountability for decisions he made, but is just the risk of being a wealthy person with a lopsided portfolio.
Both because of his role in deciding to hire so much, and because he's dead set on pursuing a metaverse vision which is controversial, I think "accountability" would require him to at least make it possible for other shareholders to vote on proposals on an equal footing.