The shareholders not named zucc have zero influence on him being ceo whether they want him or not. He pioneered the tactic of having multiple classes of stock that let him retain all the voting power while still selling off “stock” that let him get investment money. Imo that sort of setup should be illegal because it leads to the sort of societally damaging behavior we see from meta
Societally damaging? Was AT&T labs societally damaging? Xerox park? Etc.
Since when does HN care about the stock price of a random company? The share price reflected the ownership structure so the people that bought in were aware and not coerced to buy the security. We shit on corporate short sightedness and suddenly everyone and their dog has a highly opinionated high conviction bet on what a random company should do with its cash flow?
Personally, I don’t care. If dude wants to try to build the jetsons space car, heck yeah. I’d rather someone in society try hard stuff (positive determinism) than more stock buy backs (like apple) or cash just sitting on the balance sheet idly (like historical google). Even if it 100% fails, society is better if we do research that doesn’t look outright obvious at first…that’s how we get better.
They have sold, in droves. The stock has fallen 73% this year.
It's slightly absurd to say that "sell" is the only lever shareholders should have over public companies. It may be true in practical terms, but it's still a sad state of affairs.
Businesses can be successful while simultaneously operating in ways that you don't personally approve of. You're free to avoid doing business with those organizations.
Meta shareholders don't have much say on how Zuck runs things, that's what you signed up for when you buy Meta shares.
How many people upset about Meta layoffs were equally fierce in condemning Zuck for Meta's stock performance over the last decade? Seems like yet another case of people wanting their cake and eating it too -- the only novelty is the people affected are some of the most privileged people in human history.
If it was poker, then Mark just lost a big hand because he made a bad call. But he's still got a big stack, so he's not going to walk away from the table.
