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The Mark Zuckerberg thread
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<blockquote data-quote="Cobra" data-source="post: 1058687" data-attributes="member: 1172"><p>So, just some business law here. </p><p></p><p>Facebook is a public company. So the public can own shares. However, Zuckerberg likely owns a controlling interest (>50%).</p><p></p><p>Public companies have a Board which is responsible to the shareholders and owners, also known as fiduciary duty to the shareholders. The Board makes certain key decisions, including hiring and appointment of the CEO. </p><p></p><p>However, Zuckerberg is the CEO and also the majority shareholder. He's playing the Board and the remaining public, especially public shareholders, like a ping pong ball. The Board can't even make sound decisions.</p><p></p><p>For example, the board can't fire the CEO because the majority shareholder (also the CEO) does not want that.</p><p></p><p>What a fucking clownshow.</p></blockquote><p></p>
[QUOTE="Cobra, post: 1058687, member: 1172"] So, just some business law here. Facebook is a public company. So the public can own shares. However, Zuckerberg likely owns a controlling interest (>50%). Public companies have a Board which is responsible to the shareholders and owners, also known as fiduciary duty to the shareholders. The Board makes certain key decisions, including hiring and appointment of the CEO. However, Zuckerberg is the CEO and also the majority shareholder. He's playing the Board and the remaining public, especially public shareholders, like a ping pong ball. The Board can't even make sound decisions. For example, the board can't fire the CEO because the majority shareholder (also the CEO) does not want that. What a fucking clownshow. [/QUOTE]
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