Sep 23, 2017
Facebook's Mark Zuckerberg drops controversial stock plan
Facebook chief executive Mark Zuckerberg has abandoned plans to create a new kind of stock. A group of investors had sued over the proposal, which would have allowed Mr Zuckerberg to retain voting control of Facebook but own a smaller share of the company's shares. Mr Zuckerberg still plans to sell up to $12bn of Facebook shares to fund philanthropic ventures. Mr Zuckerberg wrote on Facebook that when he proposed the stock split, he viewed it as the "Only way" to fund those ventures, while maintaining control of Facebook. "Over the past year and a half, Facebook's business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more," Mr Zuckerberg wrote.
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