{"id":82833,"date":"2017-09-23T08:39:03","date_gmt":"2017-09-23T08:39:03","guid":{"rendered":"http:\/\/usmalayali.com\/?p=82833"},"modified":"2023-09-14T15:52:32","modified_gmt":"2023-09-14T15:52:32","slug":"facebook-nixes-plan-to-create-non-voting-stock-ahead-of-court-fight","status":"publish","type":"post","link":"https:\/\/usmalayali.com\/?p=82833","title":{"rendered":"Facebook nixes plan to create non-voting stock ahead of court fight."},"content":{"rendered":"<h5><span style=\"color: #ff0000;\">Johnson Cherian.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">Mark Zuckerberg said on Friday that Facebook is withdrawing plans to create a new class of stock that would have let him keep tight reins on the social media company even as he sold down his stake to fund his philanthropy.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook. But shareholders sued, arguing the move would give an unfair economic advantage to the company\u2019s founder.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">A class-action trial on the matter was due to start next week in Delaware but was called off with Zuckerberg\u2019s announcement. He had been slated to testify during the trial.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">The billionaire CEO said in a Facebook post that because the value of Facebook\u2019s stock has grown, he can fully fund the philanthropy while still keeping voting control of the company for \u201c20 years or more,\u201d making the stock-reclassification plan unnecessary.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">Zuckerberg and his wife, Priscilla Chan, have committed to donating 99% of their wealth in their lifetimes. They plan to accelerate their philanthropic work and sell more Facebook shares, sooner, he said Friday.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">A lawyer representing Facebook shareholders in a lawsuit against the company deemed it a win for clients.<\/span><\/h5>\n<h5><span style=\"color: #000000;\">\u201cWe\u2019re thrilled that Facebook has dropped the reclassification,\u201d attorney Stuart Grant said in a statement. \u201cToday\u2019s move is a total victory for stockholders.\u201d<\/span><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Johnson Cherian. Mark Zuckerberg said on Friday that Facebook is withdrawing plans to create a new class of stock that would have let him keep tight reins on the social media company even as he sold down his stake to fund his philanthropy. Zuckerberg had said in April 2016 that the plan for the new [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82834,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[61,44],"tags":[],"class_list":{"0":"post-82833","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-english","8":"category-news"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/posts\/82833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usmalayali.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82833"}],"version-history":[{"count":1,"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/posts\/82833\/revisions"}],"predecessor-version":[{"id":167081,"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/wp\/v2\/posts\/82833\/revisions\/167081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usmalayali.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/usmalayali.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usmalayali.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usmalayali.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}