Facebook Investors Announced New Share Class To Remove Zuckerberg’s Control over Facebook
<span class="articleLocation" style="transform: translate3d(0px, 0px, 0px);">Facebook Inc shareholders approved a proposal to create a new class of non-voting shares, a move aimed at letting Chief Executive Officer Mark Zuckerberg give away his wealth without relinquishing control of the social media company he founded.
The company's plan to issue two "Class C" shares for each Class A and Class B share held by shareholders, in what is effectively a 3-for-1 stock split, was approved by Facebook shareholders at the company's annual general meeting on Monday.
The Class C shares will be publicly traded under a new symbol.
Zuckerberg said in December that he intended to put 99 percent of his Facebook shares into a new philanthropy project focusing on human potential and equality.
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