Tags: mark zuckerberg | positions | political run | facebook | shares

Facebook's Zuckerberg Positioning for Potential Political Campaign

Image: Facebook's Zuckerberg Positioning for Potential Political Campaign

 Facebook CEO Mark Zuckerberg (AP)

Sunday, 11 Dec 2016 09:55 AM

Facebook's Mark Zuckerberg has intended to position himself for a potential run for political office by arranging a plan in which he could sell his shares of the company but maintain his voting control of the company, according to a Bloomberg report. 

Court documents from a lawsuit against Zuckerberg, according to the report, reveal his desire to be permitted to serve "two years in government without losing control" of the company — something that has concerned minority investors who would lose power in a plan to reclassify shares of the company's stock to non-voting variety.

Marc Andreessen, a close confidant of Zuckerberg had texted the Facebook co-founder and CEO they needed to figure out "how to define the gov’t service thing without freaking out shareholders that you are losing commitment," according to the report.

Another text from Andreessen to Zuckerberg revealed Erskine Bowles, former President Bill Clinton's chief of staff, was particularly skeptical of Zuckerberg's request.

"Erskine is just massively uncomfortable with you getting to low economic ownership and then going off on leave with no involvement by the board and retaining control," Andreessen's text read.

The plan to reclassify non-voting shares of the stock is on hold amid the lawsuit.

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Facebook's Mark Zuckerberg has intended to position himself for a potential run for political office by arranging a plan in which he could sell his shares of the company but maintain his voting control of the company, according to a Bloomberg report. Court documents from a...
mark zuckerberg, positions, political run, facebook, shares
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2016-55-11
Sunday, 11 Dec 2016 09:55 AM
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