Mark Zuckerberg, Facebook's chief executive, intends to hold control of the social networking site as he guns for a spot in politics, according to new reports which include a dug-up class-action lawsuit filed April.
The lawsuit was filed after Zuckerberg proposed a change in Facebook's corporate structure that will render voting powers of shareholders obsolete, giving Zuckerberg an "eternal control" of the company, the shareholders' lawyers said.
Zuckerberg In Government
Text messages culled from court documents pin Zuckerberg and two other board members discussing the Facebook chief's prospects of a position in government or politics, and piped concerns about the proper way of approaching shareholders with the prospect, The Guardian reported.
Marc Andreessen, a venture capitalist and one of Facebook's most important investors, told Zuckerberg in March via text that the most pressing issue of the proposal was figuring out how to skirt around the government service topic without terrifying shareholders of Zuckerberg possibly diluting his commitment to the company.
Andreessen resumed correspondence with Zuckerberg via text a few weeks later, having conversed with two other members of the special committee tasked specifically for the proposal.
"I think the biggest remaining issue is still around the government service," wrote Andreessen.
Erskine Bowles, erstwhile White House chief of staff and one of the special committee members, was "massively uncomfortable" with Zukerberg remaining in control of Facebook and going off on leave without involvement by the board, according to Andreessen.
The special committee in mid-April recommended that the Facebook's board approve Zuckerberg's proposal, and the approval was sealed by the board and the shareholders, as described in a series of text messages between Andreessen and Zuckerberg.
"[M]ission accomplished," quipped Andreessen.
Zuckerberg's Proposal
As described in a regulatory filing, Zuckerberg's proposal involves taking a leave for two years from Facebook duties for government service while retaining control of the company.
Facebook investors sued Facebook's chief between April and May, telling a Delaware court that Zuckerberg and Andreessen held a huge influence in the board's decision, shielding Zuckerberg over minority shareholders. Furthermore, filings suggest that Andreessen pulled legwork to protect Zuckerberg's interest via the special committee process, Bloomberg reported.
Attorneys have declined to comment, but a spokesperson for Facebook has said that the company believes that the special committee underwent a "thorough and fair process" in relation to the proposal.
The court has paused Zuckerberg's proposal until the lawsuit is resolved.
Facebook's Political Controversies
Facebook has recently been the target of accusations with regard to political imbalance, for instance Peter Thiel's support for President-elect Donald Trump. Thiel is a board member of Facebook, and is one of the angel investors of the site.
Facebook has also recently been an alleged hotbed of false information and fake news, the proliferation of which swayed in favor of Trump's eventual victory, according to several op-eds posted since early November.
