Facebook had their annual shareholder meeting recently. It is very safe to say that many people who own stock in the social networking giant are not happy with the direction the company is going. There were several motions put on the table of the meeting to severely limit the authority and power that Zuckerberg has in the company that he created. However, the board of Facebook voted no to all of these ideas. This is not surprising because Zuckerberg still owns the majority of shares in the company. Therefore, there was no way that the board of the company was going to vote in favor of them.
The anger towards Zuckerberg was so great that someone projected his photo onto the side of the building where the shareholders meeting was taking place. Along with his photo, there was also a message that said, “Fire Mark Zuckerberg.” As much as the shareholders might want it, Zuckerberg will not be losing any of his power in the near future. The board will never even entertain a vote to limit his power in any way. He will be in charge of the company for the foreseeable future. How will that impact Facebook going forward? Only time will tell.
There was a rather uncomfortable question and answer portion of the meeting where Zuckerberg was confronted by several shareholders. These people asked him to directly address the calls by some people for his role in the company to decrease. He was able to dodge the question by saying that he would be in favor of having the government regulate the company. There have been calls for Facebook to be broken up by prominent politicians. This is a rather unlikely scenario. However, it is sure to be a big issue in the presidential platform of Senator Elizabeth Warren.
Zuckerberg’s leadership of Facebook has been called into question a lot over the past few years. This is due to the plethora of scandals that Facebook has been involved in. There was the infamous Cambridge Analytica scandal where the personal data of Facebook users was able to be accessed by third-party developers without their permission. Then there was the incident where many Russian groups were allowed to buy ads targeting voters for the 2016 presidential election in the United States. These incidents resulted in the United States Congress calling Zuckerberg to testify on Capitol Hill for two days.