Facebook has had a rough year in 2018. Data breeches, privacy act violations, election meddling, and who could forget the epic July 25th earnings report and conference call that resulted in the company’s stock plummeting from $217 to $159?
Evidently, things are about to get worse for the company’s chairperson: four major U.S. public funds that hold shares in Facebook have proposed to remove Mark Zukerberg as chairman.
Unfortunately, Zuckerberg has about 60% voting rights and there is almost no chance of this proposal passing. That being said, stakeholders are hoping that the proposal will “draw attention to Facebook’s problems and how to solve them.”