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Mark Zuckerberg’s Pivot to AI Is Blowing Up in His Face Spectacularly (finance.yahoo.com)

submitted 4 weeks ago by yogthos@lemmygrad.ml to c/us_news@lemmygrad.ml

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[–] bennieandthez@lemmygrad.ml 7 points 3 weeks ago (2 children)

The company requires a simple majority to pass a proposal. While Zuckerberg owns just 13 percent of Meta’s stock, he controls 61.1 percent of the vote because of the company’s voting structure. Meta has a two-tiered stock system that gives Class A stock one vote per share and Class B stock 10 votes per share. Zuckerberg owns 99.8 percent of the Class B stock available, according to the company’s proxy statement.

One proposal filed by NorthStar Asset Management, a Boston-based investment firm focused on social responsibility, requested the board adjust the voting system so every share has one vote, which would give Class A shareholders the same power as Class B ones. The proposal failed, though more than half of the votes that weren’t from Zuckerberg were in favor of it. It had the highest approval rating among all shareholder proposals yesterday.

this has to be the funniest article i've ever read. Mr geniuses trying to make zuck vote himself out is hilarious.

[–] davel@lemmygrad.ml 7 points 3 weeks ago (1 children)

🃏 It’s simple. We uh, kill the Zuckerberg.

[–] bennieandthez@lemmygrad.ml 8 points 3 weeks ago

imagine paying NorthStar Asset Management a couple of millions for them to propose that you should just vote Zuck out/

[–] PoY@lemmygrad.ml 5 points 3 weeks ago

It's like a microcosm of the US and its oligarchy