Mark Zuckerberg, chief executive officer and founder of Facebook Inc., speaks during the F8 Developers Conference in San Jose, California, U.S., on Tuesday, May 1, 2018. Zuckerberg said that he learned, while testifying in front of Congress last month, that he didn't have clear enough answers to questions about data and Facebook should offer users this kind of option to control their information. Photographer: David Paul Morris/Bloomberg
A major California-based Facebook shareholder blasted the social networking giant's power structure, arguing that the dual-class share structure grants CEO Mark Zuckerberg voting power that is “akin to a dictatorship”.
The California State Teachers' Retirement System (Calstrs) said “it is time to act like an adult” for Facebook and Zuckerberg, in an op-ed in the Financial Times on Thursday. The group proposed ending the dual-class share structure, in which special “Class B” shares owned mostly by Zuckerberg have 10 times the voting power as regular “Class A” shares.
Limited time offer:
Just RM5 per month.
