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Is Facebook Facing an Internal Revolution? Shareholders Aren’t Happy

One News Page Staff Tuesday, 3 July 2018
Is Facebook Facing an Internal Revolution? Shareholders Aren’t Happyby 👨‍💻 Graham Pierrepoint

We’ve been covering Facebook quite a bit in recent months, but for good reason – scandals regarding their sharing of user data with firms such as Cambridge Analytica have forced Mark Zuckerberg and his brand to rethink their privacy policies and to eat a fair few slices of humble pie. There have been continued concerns mounted over data sharing and user rights as the year has gone on, and while the social network still holds firm with an enormous user base, their public image is continuing to suffer in the wake of such aforementioned scandals and thanks to continued media pressure. Six investors in Facebook have voiced their concerns in recent days that Zuckerberg has a ‘dictatorship’ over the brand – leading some to discuss whether or not an internal revolution may be on the cards.

Facebook Reveals It Shared User Data With Over 50 Hardware And Software Companies
Facebook Reveals It Shared User Data With Over 50 Hardware And Software Companies

Six shareholders who own around $3 billion in total via Facebook are reportedly considering ways to unseat Zuckerberg from his various roles in the business, concerned that the CEO has the ability to quash any motions for change in the running of the firm – even after scandals as large as the data sharing saga that occurred earlier this spring. It’s thought that Zuckerberg is being sought to step down from his position as Chairman, at the very least, so that an impartial figure may take over and allow for internal voices and shareholder concerns to be given greater value. Zuckerberg holds the position of both Chairman and CEO at Facebook – meaning that, essentially, he and his actions are accountable to himself. It’s a situation that is growing unpopular with several heavy investors in the brand.

The Office of the New York Comptroller has a stake in at least $1 billion in Facebook’s stock, and its Corporate Governance Director, Patrick Doherty, is one of those whom are less than pleased with the way the company is being run. “The idea that there should be an autocrat in charge of a gigantic public company which has billions of dollars of shareholder money invested in it is an anachronism,” Doherty explained. “It harks back to the 19thcentury, when you had these robber barons who were autocrats and dictators.”

Report: Facebook Investors Want To Oust Mark Zuckerberg as Chairman
Report: Facebook Investors Want To Oust Mark Zuckerberg as Chairman

Will Zuckerberg relinquish his grip on the brand – if only a little – given the year Facebook has already had? It will remain to be seen – as the social network pushes on forwards.

Credit: NYDN tronc - Published < > Embed
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