Facebook Shareholders Are Trying To Remove Zuckerberg But He’s Got The Power To Take ‘Em Out

We’ve all heard the infamous story of Steve Jobs being ousted from Apple, the company he so proudly built. The board didn’t see eye-to-eye with the charismatic leader and decided to ‘let him go’. After that, Apple went on a downward spiral all the way to the brink of bankruptcy. Soon enough, they called the man back and he led the company to become one of the most valuable companies in the world.

Mark Zuckerberg, the CEO of Facebook, may be in line to suffer the same fate. SumOfUs, an online watchdog with a significant stake in Facebook, has put forth a proposal for his removal from the board.

 

The reasons cited by SumOfUs is the increased criticism against Facebook:

 

The organisation believes being both the CEO and a part of the board weakens the corporate governance of the company and hurts shareholder value.

 

However, no matter what big, bold, finance-y terms they throw around, they’ve got nothing on Zuckerberg. The young lad still holds a majority stake in Facebook and can strike down the proposal almost effortlessly.

Facebook has witnessed exponential growth over the past few years and has repeatedly exceeded Wall Street expectations. Moreover, the website boasts of over 1.8 billion monthly active users!

 

Basically, Zuckerberg’s still got enough swag to kill the proposal and say…

Zuckerberg has learnt from the mistakes made by his mentors in the past. Never give away so much control of your own firm that one fine day others hold the power to dislodge you from it.

Way to stick it to the suits, Zuckerberg!

News Source: Indian Express