{"id":429578,"date":"2022-04-10T19:45:57","date_gmt":"2022-04-10T16:45:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/meta-shareholders-slam-zuckerberg-question-dystopian-downsides\/"},"modified":"2022-04-10T19:45:57","modified_gmt":"2022-04-10T16:45:57","slug":"meta-shareholders-slam-zuckerberg-question-dystopian-downsides","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/meta-shareholders-slam-zuckerberg-question-dystopian-downsides\/","title":{"rendered":"#Meta shareholders slam Zuckerberg, question &#8216;dystopian downsides&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2c0b445360c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2c0b445360c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/meta-shareholders-slam-zuckerberg-question-dystopian-downsides\/#%E2%80%9CMeta_shareholders_slam_Zuckerberg_question_%E2%80%98dystopian_downsides%E2%80%9D\" >&#8220;Meta shareholders slam Zuckerberg, question &#8216;dystopian downsides&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Meta shareholders slam Zuckerberg, question &#8216;dystopian downsides'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A group of angry shareholders say Mark Zuckerberg\u2019s weak leadership has sent Meta\u2019s stock tumbling 34% this year \u2014 and they plan to push for checks on the CEO\u2019s power, The Post has learned.\u00a0<\/p>\n<p>Concerned investors are pushing two resolutions at the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> titan\u2019s upcoming shareholder meeting they say would provide badly needed oversight of Facebook, Instagram and the potential \u201cdystopian downsides\u201d of Mark Zuckerberg\u2019s metaverse project.\u00a0<\/p>\n<p>In an effort to drum up support, a corporate accountability group called SumOfUs that\u2019s working with activist investors is sending a report to more than 4,000 institutional investors with stakes in the company \u2014 among them Vanguard, Fidelity and BlackRock.\u00a0<\/p>\n<p>The scathing report, which was exclusively obtained by The Post, describes three crises \u201cengulfing\u201d Zuckerberg\u2019s company: privacy restrictions by Google and <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>le that have bruised Meta\u2019s advertising business, the storm of antitrust lawsuits and bills targeting Meta and other big tech firms, as well as allegations that Zuckerberg has lied to investors and lawmakers about Instagram\u2019s harmful effects on teens.\u00a0<\/p>\n<p>The group places blame for these crises squarely on Zuckerberg, who they say has failed to prove that his recent embrace of the metaverse is anything more than a \u201crushed attempt to divert attention from fundamental issues with Meta\u2019s core business.\u201d\u00a0<\/p>\n<p>Christina O\u2019Connell, SumOfUs\u2019s shareholder engagement advisor, told The Post that Meta\u2019s plummeting stock price should wake up investors. <\/p>\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?w=1024\" alt=\"Mark Zuckerberg\" class=\"wp-image-21834576\" width=\"618\" height=\"411\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?quality=75&amp;strip=all&amp;w=1233 1236w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?quality=75&amp;strip=all&amp;w=925 927w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?quality=75&amp;strip=all&amp;w=618 618w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?quality=75&amp;strip=all&amp;w=308 309w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook-connect-meta-1.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\"\/><figcaption>Shareholders are worried about \u201cdystopian downsides\u201d to Mark Zuckerberg\u2019s metaverse pet project. <\/figcaption><figcaption><span class=\"credit\">Facebook<\/span><\/figcaption><\/figure>\n<p>\u201cWhen you see a loss of over $230 billion in February, that shakes up everybody, and that should be a sign that it\u2019s time for change,\u201d O\u2019Connell said.\u00a0<\/p>\n<p>The first resolution, which SumOfUs is pushing alongside shareholders Harrington Investments and the Park Foundation, calls for an outside assessment of Meta\u2019s Audit and Risk Oversight Committee, a board the company created in 2020 that is supposedly independent from Zuckerberg and makes decisions about content moderation issues such as\u00a0former President Donald Trump\u2019s ban\u00a0from Facebook and Instagram.\u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cThere\u2019s a real concern that given the amount of problems we\u2019ve seen with the company, that the committee is not managing the company\u2019s behavior and performance very well,\u201d O\u2019Connell said. \u201cWe would like to see an independent analysis of how that committee is functioning.\u201d\u00a0<\/p>\n<p>The second resolution sounds the alarm about \u201cpotential psychological and civil and human rights harms\u201d associated with Zuckerberg\u2019s metaverse push.\u00a0<\/p>\n<p>The proposal is supported by SumOfUs alongside responsible investment fund Arjuna Capital, investor advisory group SHARE and Storebrand, a Norwegian asset manager that manages more than $100 billion.<\/p>\n<p>The groups want Meta to commission an outside audit of the metaverse\u2019s potential risks \u2014 such as the potential for harassment and hate speech, as well as privacy concerns \u2014 then seek a shareholder vote to gauge whether investors support the project.\u00a0<\/p>\n<p>\u201cMeta has been unable to manage its problems here now in the world where we\u2019re all living, so it\u2019s pretty shocking that they want to move into a more complex platform such as the metaverse,\u201d O\u2019Connell said. \u201cHarms to children, harassment, hate speech \u2014 that all becomes amplified when you start moving into the metaverse.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook.jpg?w=1024\" alt=\"Mark Zuckerberg\" class=\"wp-image-21834598\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-facebook.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Mark Zuckerberg can effectively veto shareholder resolutions due to his \u201csupervoting\u201d shares. <\/figcaption><figcaption><span class=\"credit\">Getty Images for SXSW<\/span><\/figcaption><\/figure>\n<p>Meta\u2019s board has urged shareholders to vote against both resolutions, calling them \u201cunnecessary.\u201d <\/p>\n<p>Meta\u2019s unconventional ownership structure allows Zuckerberg to effectively veto any shareholder attempt to change the company\u2019s operations. His stake in Meta is composed largely of \u201csupervoting\u201d shares, allowing him to control roughly 58% of votes when the company considers shareholder proposals. \u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Nonetheless, O\u2019Connell argues that shareholder action is still one of the best ways to push Zuckerberg to change his ways.\u00a0<\/p>\n<p>The resolutions were included in Meta\u2019s proxy statement, which was sent to shareholders on Friday. <\/p>\n<p>Shareholders will now submit votes on the resolutions ahead of Meta\u2019s annual shareholder meeting, which is set for May 25. Backers of the proposals will be allowed to speak at the virtual meeting and the results of the vote will be announced afterward.\u00a0<\/p>\n<p>\u201cEven when shareholder resolutions don\u2019t win the majority, they do have influence in the board and in management and also notify the broader public that shareholders are worried about what\u2019s going on,\u201d O\u2019Connell said.\u00a0\u201cWe want to see real corporate governance. We want to see competent management of this company.\u201d\u00a0<\/p>\n<p>Asked for comment on the resolutions, a Meta spokesperson said, \u201cWe value the views of our investors and\u00a0 regularly engage\u00a0with them to get their perspective. We look forward to continuing the dialogue, including at our Annual Shareholder Meeting in May.\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\/04\/10\/meta-shareholders-slam-zuckerberg-question-dystopian-downsides\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Meta shareholders slam Zuckerberg, question &#8216;dystopian downsides&#8217;&#8221; A group of angry shareholders say Mark Zuckerberg\u2019s weak leadership has sent Meta\u2019s stock tumbling 34% this year \u2014 and they plan to push for checks on the CEO\u2019s power, The Post has learned.\u00a0 Concerned investors are pushing two resolutions at the social media titan\u2019s upcoming shareholder meeting&#8230;<\/p>\n","protected":false},"author":1,"featured_media":429579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/mark-zuckerberg-meta-facebook-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[122306,127817,4974,33423,5077],"class_list":["post-429578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-meta","tag-4-10-22","tag-facebook","tag-instagram","tag-mark-zuckerberg"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/429578","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=429578"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/429578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/429579"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=429578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=429578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=429578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}