Over the past 13 months, his total wealth loss has exceeded $100 billion. Zuckerberg's stake means he has been hit especially hard by the stock's collapse. In the S&P 500, 33 companies have unequal voting rights similar to those at Meta, according to ISS Corporate Solutions, including Google parent Alphabet Inc., Paramount Global, and Comcast Corp. Under Zuckerberg, the statement adds, “we have established a track record of creating value for our shareholders and navigating important opportunities and challenges.” The company's investments to improve privacy and safety “may not have been possible if our board of directors and CEO were focused on short-term success over the long-term interests of our community and our company.” to accelerate its buyback program as a way of pushing up the stock price.Īsked about Zuckerberg's control, a Meta spokesman referred to the company's proxy statement, which reads, “We believe that our capital structure is in the best interests of our shareholders and that our current corporate governance structure is sound and effective.” In 2014, Carl Icahn pushed for Apple Inc. The structure prevents activists from influencing the board and management, something that has happened with big tech in the past. Zuckerberg owns or controls about 90% of the company's unlisted Class B shares, which have 10 votes each versus one vote each for the Class A shares that are publicly traded. “The stock could double in a year with better management, with management that is more focused on shareholders.”ĭespite these issues, Katz views the stock as “dirt cheap,” and said that “on a longer time horizon, if you're willing to hold your nose, I think there's a great likelihood that Meta will be significantly higher than it is today.” “He's tone deaf to what the owners of the company want, outside of himself,” said David Katz, chief investment officer at Matrix Asset Advisors. While investors may long for Meta to renew its focus on selling ads to its billions of social-media users, the company's structure gives Zuckerberg total control, so there's little they can do but what they've already been doing: sell. He added that based on his life experience, transitioning to a four-day work week all the time would not be productive.The strategy is curbing earnings even as the company acknowledges it's unlikely to deliver significant revenue for years. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg’s own wealth dropped by $31 billion. Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg’s long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 billion of value in a single day. Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.Įmployees were glued to the stock price. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an “unprecedented level of competition,” with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook’s short-video product, he said. His red, teary eyes were the result of a scratched cornea, the Facebook founder said Thursday, attempting to lighten the mood as Meta Platforms Inc.’s stock price lost more than a quarter of its value.Īt a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. Peter Thiel to Leave Meta Board to Pursue Trump Agenda Meta Renews Warning to EU It Will Be Forced to Pull Facebook Ottawa Declares Emergency as Protests Spin ‘Out of Control’ We’re Fine Without Facebook, German and French Ministers Say (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Īmazon Is Raising Base Salary Cap to $350,000 From $160,000
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