August 26, 2019
Business

Mark Zuckerberg loses $17bn in a day & some investors want him fired as Facebook chairman

Your ads will be inserted here by

Easy Plugin for AdSense.

Please go to the plugin admin page to
Paste your ad code OR
Suppress this ad slot.

Facebook chairman and CEO Mark Zuckerberg is having a very bad day. On Thursday, he lost $17 billion of his fortune, Facebook shares dipped almost 20 percent, and now, some shareholders want his influence on the company reduced.

Read more

The money the Facebook CEO lost is only one-fifth of his net worth, which has fallen to $70 billion. Zuckerberg has also slid to sixth place from third on the Bloomberg Billionaires Index. Facebook faced the biggest one-day wipeout in US stock market history of $150 billion, a day after executives forecast years of lower profit margins.

Some shareholders are saying Zuckerberg has gripped too much power at the company. Investment company Trillium Asset Management, who has about $11 million in Facebook stock, is proposing to break up Zuckerbergs role as both chairman and CEO, Business Insider reports.

“A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the boards oversight of management,” the proposal says.

Your ads will be inserted here by

Easy Plugin for AdSense.

Please go to the plugin admin page to
Paste your ad code OR
Suppress this ad slot.

“Separating the chair and CEO positions reduces this conflict, and an independent chair provides the clearest separation of power between the CEO and the rest of the board.”

Cutting Zuckerbergs influence on Facebook has previously been rejected by shareholders.

The dual shareholder structure gives 60 percent of voting rights to Zuckerberg. External shareholders have little power to enforce change at the company.

For more stories on economy & finance visit RT's business section

Original Article

RT

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *