It is worth mentioning that Facebook’s two-tier shareholding structure allows Zuckerberg to retain majority of its shares while retaining voting control over major decisions of the company.
Editor’s note: This article is from “Tencent Technology”, review: Cheng Hey, authorized to reprint.
Relying on Facebook shares in hand, Facebook CEO and co-founder Zuckerberg is one of the richest people in the world. According to the latest news from foreign media, Zuckerberg has been selling Facebook shares recently. In August, it sold nearly 1.6 million Facebook shares with a market value of nearly 296 million US dollars.
According to foreign media reports, Zuckerberg has not sold stocks since April this year. From the beginning of this year to the present, Zuckerberg has sold a total of 2.9 million shares worth more than 526 million US dollars.
At present, Zuckerberg still has more than 375 million Facebook shares, and the current market value of more than 68 billion US dollars, making him the world’s fifth richest, second only to Amazon’s head Jeff Bezos, Microsoft Co-founders Bill Gates, Bernard Arnault, and Warren Buffett, the longtime head of Buck Hill Hathaway.
It is reported that Zuckerberg, 35, regularly sells some of his wealth on Facebook, for his charity “Chen Zuckerberg Action Plan”, which is run jointly with his wife, Priscilla Chan. (Chan Zuckerberg Initiative) provides funding. This philanthropic program focuses on science and education as well as social issues, with key funding programs including criminal justice reform, housing affordability and immigration reform.
According to the relevant regulatory report file submitted by Facebook, Zuckerberg’s August stock sale transaction is part of a “105b5-1” Facebook executive stock trading plan.
According to the US Securities and Exchange Commission, listed company insiders can sell a predetermined number of shares within a specified time. This information must be submitted to the US Securities and Exchange Commission in advance through regulatory filings. Executives announced information in advance, and avoided the suspicion and trouble of getting into insider trading in the future.
It is worth mentioning that Facebook’s two-tier shareholding structure allows Zuckerberg to retain majority of its shares while still retaining voting control over the company’s major decisions.
It is well known that in the past few years, Facebook has experienced countless violations of consumer privacy scandals, especially Cambridge analysis in the UK.The company’s events have been raging around the world, and Facebook’s corporate image has plummeted. Public opinion demands that Zuckerberg, the CEO, and Sandberg, the chief operating officer, resign, and at the recent company’s annual shareholder meeting, Facebook Some shareholders submitted plans to appoint an independent chairman to cut the power of Zuckerberg (currently serving as CEO and chairman) to improve Facebook’s privacy protection and corporate image recovery, but Zuckerberg relied on Their own voting rights and control rights have rejected these shareholder plans. Such a move once again triggered Zuckerberg’s criticism of Facebook’s power and operational management.
Although Zuckerberg’s stock-selling activity rebounded in August, it was still much lower than last year, when Zuckerberg sold nearly 28.9 million shares with a market value of $5.3 billion.
At the end of 2017, Zuckerberg said he plans to sell up to 75 million shares of Facebook by March 2019, which are worth more than $12 billion at the then stock price.
On Thursday, Facebook shares fell less than 1% to $182.11.
In the middle of this month, foreign media reported a partial stock sale of Zuckerberg. It is reported that from August 9 to 14, this year, Zuckerberg sold the stock several times, and the market value is about 100 million US dollars.
In addition, this month, Facebook’s second-in-command and chief operating officer Sandberg also made a stock sell-off. She sold 55,000 shares of Facebook on August 14 and about $10 million in cash. It is not known what the purpose and purpose of Sandberg’s stock cash is.