MAJOR PUBLIC FUNDS SAY IT’S TIME FOR MARK ZUCKERBERG TO GO
So you may not have heard about it yet (especially on Facebook), but Mark Zuckerberg is in some hot water. At last! The founder of Facebook has mouthed that the buck stops with him but he’s never left as the controlling force of the company. Some major public funds issues a statement calling for his removal as the chairman of Facebook’s board. So yes, this is major. But will it happen? It’s too soon to tell. But if this were any other company, his ass would be grass. Facebook has had some major scandals, one after another. Their stock price keeps taking hits downward. But Mark has some major Teflon to date.
FACEBOOK’S FOUNDER MUST BE REMOVED AS SCANDALS MOUNT, STOCK DROPS
The proposal for his ouster was first issued back in June by Trillium Asset Management. But now the state treasurers of Pennsylvania, Illinois and Rhode Island have thrown in with the comptroller of New York City to get his ass out of there. These groups represent literally hundreds of billions of dollars in investments. They are asking that Facebook replace Zuckerberg with an independent Chairman. That would be…. Huge. They pointed out that 59% of all companies on the S&P 1500 keep the roles of CEO and chairman completely separate. That separation helps guarantee a LOT more independent corporate oversight. The public funds made sure to list out all the big issues Facebook has completely mishandled.
LIST OF SCANDALS IS TRULY EPIC, ZUCKERBERG THE MAN TO BLAME
The list is long. Russia’s election hacking. 87 million users’ data getting to Cambridge Analytica. Sharing data with hardware manufacturers. The explosion of fake news on Facebook itself. The fact that Facebook may cause mental health issues like stress and addiction. Mass violence enabled in South Sudan, India and Myanmar. Allowing advertisers to exclude minorities. And the latest issues are Facebook’s having inflated video metrics, on purpose. That’s fraud. They did that to get major investment in their video departments. Uh oh…. Facebook says it did nothing wrong, of course.
THE MAN BEHIND THE CURTAIN IS IN THE LIGHT AT LAST?
Zuckerberg controls 60% of the voting power at the company. That means this is all on him. His shares mean his vote counts ten times more than anyone else’s. Zuckerberg even said he’s the man and should shoulder any blame. But the captain better get off the ship first this time. This founder is floundered.