Facebook shareholders approved a proposal in forming a new class of non-voting shares called the Class C stock during the company's yearly shareholder meeting on June 20. The move is intended to keep the social network's Chief Executive Officer Mark Zuckerberg in control.
The approved proposal will enable Facebook's boss and his wife, Dr. Priscilla Chan, to donate some shares without giving up his control in the firm Zuckerberg founded.
Previously, it has been reported that Zuckerberg will be dishing out 99 percent of his family's wealth to different initiatives in an effort to further promote equality across the globe.
In addition to the approval of the said proposal, the company's investors also decided to re-elect the firm's board of directors. The list of the eight re-elected board of directors includes shareholders Peter Thiel, Paypal's co-founder, and Marc Andreessen. For the uninitiated, Thiel has become controversial recently because of reports that he was secretly supporting pro-wrestler Hulk Hogan in a lawsuit versus Gawker Media.
Regarding this matter, Facebook said that the investor's actions do not represent that of the company's.
It is worth mentioning that Thiel was not present during the meeting. However, last week, the company's longest-standing board member delivered a six-minute-long speech about how Facebook has changed the world, reports TechCrunch.
"What Facebook has never been about [is] replacing people or substituting computers for people, but instead using computers to bring out the best in existing human relations and in this way bring people back to the center," said Thiel.
In the meantime, during the question and answer portion of the said meeting, the Facebook CEO was asked whether he plans to remain connected with the company while he and his family will be doing their charitable activities.
"I plan on being involved in and running Facebook for a very long time," said Zuckerberg. The chief executive's statement eventually drew a big round of applause.
No Plans Of Combining Messenger And WhatsApp
Zuckerberg was also asked if the company has plans in fusing WhatsApp and Messenger, reports Venturebeat. He then refuted the said plan. He said that these two apps do not have the same philosophies and utilities. Furthermore, Zuckerberg added that there is "a lot of space for both to grow."
How About The Plan To Enter China?
Facebook's Chief Operating Officer Sheryl Sandberg revealed that the firm is currently "learning about and studying the Chinese market." In fact, she went on to say that she just went to China in the past week working with businesses in the country.
