Opinion: Meta and Twitter show the drawbacks of giving self-satisfied billionaires too much power

As has been the case for the last year, the problem seems to be Zuckerberg’s inability to articulate where he’s leading his company as it undergoes transitions on multiple fronts. — AFP

Back in the prehistoric era – in 2012, when Facebook staged one of the most hyped initial public stock offerings of all time – I warned the company’s newly minted shareholders that they had become wedded to Mark Zuckerberg.

Then 28, the company founder became one of the most deeply entrenched chief executives in American business. Facebook’s two-class stock structure allowed Zuckerberg to control 57% of all shareholder votes despite owning only about 28% of all its shares.