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Social Clubs / Deranged Monkey Criticism

URL:  https://boards.fool.com/what-i-would-really-like-to-do-is-find-a-way-to-33019871.aspx

Subject:  Re: FB Date:  3/22/2018  9:12 AM
Author:  howardroark Number:  26103 of 26241

“What I would really like to do is find a way to get our policies set in a way that reflects the values of the community, so I am not the one making those decisions,” Zuckerberg said. “I feel fundamentally uncomfortable sitting here in California in an office making content policy decisions for people around the world.”

If Matt Groenig wrote a Zuckerberg character we'd be like "okay, that's just a little too much of a caricature," let's maybe not have him standing in an Iowa pasture trying to make small talk with the cows and feed the farmer. I mean, Mark, if you suddenly realize that being the sole king of this monster that has become the hub connecting two billion of the earth's people is a little much for one guy in a lulu lemon hoodie, maybe let some friends in the cockpit with you.

Zuckerberg only owns around 13% of Facebook. He has complete dominion over it not because he is CEO, but because he has 10-1 Supervoting stock. He obviously likes this supervoting stock, because just last year he tried to to issue zero-vote shares so he could give all his stock to charity and still be king of Facebook. He literally tried to include a clause that would allow him to serve in public office for two years and still maintain control of Facebook. That is some Berlusconi magic there. If you drop the Class B supervoting control, you can find out if shareholders really want you to be both Chairman and CEO and empower directors, or just drop one of those titles on your own. Suddenly you'll mostly just be another CEO trying to steer a behemoth like Tim Cook, subject to checks and balances and career risk.

I'm not saying that sucking power from Zuck's fiefdom to shareholders and Directors will solve all or even most of its perception/actual problems. When a company gets incredibly important there is often going to be tension between their usual stakeholders and society at large. But it definitely won't hurt, and it should make that seat in California a lot less uncomfortable.
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