{"id":395418,"date":"2022-01-18T00:43:16","date_gmt":"2022-01-17T21:43:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mark-zuckerberg-defies-critics-with-latest-meta-board-member\/"},"modified":"2022-01-18T00:43:16","modified_gmt":"2022-01-17T21:43:16","slug":"mark-zuckerberg-defies-critics-with-latest-meta-board-member","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mark-zuckerberg-defies-critics-with-latest-meta-board-member\/","title":{"rendered":"#Mark Zuckerberg defies critics with latest Meta board member"},"content":{"rendered":"<p>&#8220;<strong>#Mark Zuckerberg defies critics with latest Meta board member<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Mark Zuckerberg <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be sending a message with the latest addition to Meta\u2019s board: The company is going to keep doing things his way \u2014 activists, politicians and concerned shareholders be damned.\u00a0<\/p>\n<p>Zuckerberg\u2019s company said last week that Tony Xu, the co-founder and CEO of unprofitable food delivery giant DoorDash, would become the newest member of its 10-person board of directors.\u00a0<\/p>\n<p>Xu and Zuckerberg have much in common: They\u2019re both 37-year-old billionaires, they\u2019ve both crafted ownership structures that give them an unusual degree of control over their own companies \u2014 and they\u2019re both willing to burn vast sums of money to fight their political enemies.\u00a0<\/p>\n<p>\u201cThey\u2019re birds of a feather,\u201d Melanie Sloan, a government and corporate ethics attorney, told The Post.<\/p>\n<p>In a typical publicly traded company, shareholders can vote out a CEO during a time of crisis \u2014 like when Instagram was caught pushing eating disorder pictures to teen girls, or DoorDash was accused of pocketing tips that customers thought were going to delivery workers.\u00a0<\/p>\n<p>But Zuckerberg and Xu are essentially immune from such crises because of a mechanism called dual-class shares, which <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly assign more votes to stock owned by founders than that held by members of the public. That system means Zuckerberg controls about 58% of all votes at Meta, while Xu and his two co-founders control about three-quarters of all votes at DoorDash.\u00a0<\/p>\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"alignright size-nypost-medium-post\"><img decoding=\"async\" loading=\"lazy\" width=\"322\" height=\"422\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all&amp;w=322\" alt=\"Mark Zuckerberg\" class=\"wp-image-20834839\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all&amp;w=644 644w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all&amp;w=483 483w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all&amp;w=322 322w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all&amp;w=161 161w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/mark-zuckerberg-1-2.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\"\/><figcaption>Mark Zuckerberg controls 58% of Meta\u2019s votes. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>\u201cNo matter how many shareholders <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> may have, they will never be able to outvote Mark Zuckerberg,\u201d Sloan said.\u00a0<\/p>\n<p>Sloan said that Zuckerberg\u2019s selection of Xu, another founder with near-complete control of his own firm, shows he doesn\u2019t plan to give up any power in the future \u2014 no matter how many critics like Facebook whistleblower Frances Haugen and hordes of angry lawmakers on Capitol Hill may complain.\u00a0<\/p>\n<p>\u201cYou\u2019ve just put somebody who is intent on maintaining total control of his company onto the board of another company with another founder who wants to maintain total control of his own,\u201d Sloan said.\u00a0<\/p>\n<p>Proponents of founder control and dual-class shares argue that empowering successful founders like Zuckerberg and Xu is not an issue since they build the companies in the first place. <\/p>\n<p>Zuckerberg\u2019s move is unsurprising because founders across Silicon Valley are increasingly keeping an iron grip on their companies even when they go public, according to University of Florida finance professor Jay Ritter, who studies corporate governance and tech IPOs.\u00a0<\/p>\n<p>A whopping 46.2% of tech companies that went public in 2021 used dual-class share structures \u2014 an all-time high and more than double the percentage over just five years ago, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/site.warrington.ufl.edu\/ritter\/files\/IPOs-Dual-Class.pdf\">Ritter\u2019s research<\/a>.\u00a0<\/p>\n<p>\u201cDual-class shares have definitely become more common,\u201d Ritter told The Post. \u201cI\u2019m sure Zuckerberg would not have invited somebody onto the board who\u2019s a vocal opponent of dual class shares and founder control, but I don\u2019t think that\u2019s something that would rule out a huge number of potential board numbers.\u201d<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/facebook-meta.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Meta logo\" class=\"wp-image-20834861\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/facebook-meta.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/facebook-meta.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/facebook-meta.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Meta shareholders who are critical of Mark Zuckerberg have little recourse since he can veto any resolution. <\/figcaption><figcaption><span class=\"credit\">LightRocket via Getty Images<\/span><\/figcaption><\/figure>\n<p>In addition, Xu\u2019s appointment could help Meta satisfy a recently passed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/corpgov.law.harvard.edu\/2020\/10\/10\/new-law-requires-diversity-on-boards-of-california-based-companies\/\">California law<\/a> that requires corporate boards to include some directors from minority groups, Ritter said.\u00a0<\/p>\n<p>The DoorDash CEO could also teach Zuckerberg a thing or two about defeating pesky politicians and activists.\u00a0<\/p>\n<p>In 2020, DoorDash joined with other \u201cgig economy\u201d companies like Uber, Lyft and Instacart to push Proposition 22, a California ballot initiative that made it easier for the firms to deny basic benefits like sick pay and minimum wage to delivery workers by counting them as contractors rather than employees. The companies spent $200 million blanketing the state in ads supporting the effort, which passed with 58.6% of the vote despite the objections of Joe Biden, labor unions and legions of activists.<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/doordash.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"DoorDash \" class=\"wp-image-20834847\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/doordash.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/doordash.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/doordash.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>DoorDash spent millions to pass Proposition 22 in California. <\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>As Meta seeks to stave off politicians on both sides of the aisle who want to regulate the company, the lessons Xu learned pushing Prop 22 could help an increasingly defiant Zuckerberg mobilize voters against his enemies.\u00a0<\/p>\n<p>DoorDash declined to comment on the record for the story. Facebook referred The Post to a press release announcing the appointment in which Zuckerberg said that Xu had \u201cdirect experience both running a tech company and solving complex challenges in commerce.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/01\/17\/mark-zuckerberg-defies-critics-with-latest-meta-board-member\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Mark Zuckerberg defies critics with latest Meta board member&#8221; Mark Zuckerberg appears to be sending a message with the latest addition to Meta\u2019s board: The company is going to keep doing things his way \u2014 activists, politicians and concerned shareholders be damned.\u00a0 Zuckerberg\u2019s company said last week that Tony Xu, the co-founder and CEO of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":395419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/tony-xu-mark-zuckerberg-00.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[122306,124173,98865,4974,33423,5077,33355],"class_list":["post-395418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-meta","tag-1-17-22","tag-doordash","tag-facebook","tag-instagram","tag-mark-zuckerberg","tag-silicon-valley"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/395418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=395418"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/395418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/395419"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=395418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=395418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=395418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}