Mark Zuckerberg To Still Be The Facebook Boss Even After Giving Away 99% Of His Shares

Admin 30-Apr-2016 14:29:51 Inothernews

Mark Zuckerberg To Still Be The Facebook Boss Even After Giving Away 99% Of His Shares


Facebook recently announced that it will create a new class of non-voting shares to enable CEO Mark Zuckerberg to donate his shares to charity without having to part with control over the company. This comes after the Facebook CEO announced in December that he intends to part with 99 percent of his Facebook shares and use it to make the lives of the underprivileged better. "Him staying intact and moving forward and guiding the company is critical. This is his baby," said Daniel Morgan, senior portfolio manager at Synovus Trust Company, which owns about $40 million worth of Facebook shares.



Facebook's stocks have been soaring

Facebook's stock has also jumped 9 percent after they completely smashed all expectations to post first-quarter revenues at $337 billion approximately.

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The plan for the future

Facebook said it was planning the structure of the company in such a way to make sure Zuckerberg remains its main man for the future - who the investors believe will be the core of Facebook's future success. Facebook intends to create a new class of shares that are publicly listed but do not have any voting rights. Calling it the "Class C" shares, Facebook will issue two of such shares to every shareholder with outstanding Class A and Class B shares. These new shares would be sold under a new symbol.

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