Tuesday, 21 June 2016

Facebook investors approve new share class to keep Zuckerberg at helm

Facebook Inc shareholders have approved a proposal to form a new class of non-voting shares, a move targeted at letting chief executive officer Mark Zuckerberg give away his wealth without relinquishing control of the social media company he founded.

According reports by Reuters, the company's plan to issue two "Class C" shares for each Class A and Class B share held by shareholders, in what is effectively a 3-for-1 stock split, was approved by Facebook shareholders at the company's annual general meeting on Monday.

Reuters reported that "The Class C shares will be publicly traded under a new symbol".

Shareholders have reported "approved the continued tenure of all the eight board members, including billionaire investor Peter Thiel, who were up for re-election".

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