Facebook Shareholders Want CEO Mark Zuckerberg Ousted From The Company

October 18. 2018

Facebook CEO Mark Zuckerberg

Facebook shareholders are demanding CEO Mark Zuckerberg resign. The Cambridge Analytica scandal, as well as massive privacy violations regarding spying on users via their mobile phone audio and cameras, has given the public great pause concerning the social media company. Facebook lost over $130 billion dollars off the value of the company’s shares due to these massive scandals that prompted the Delete Facebook movement. Zuckerberg has lost $20 billion dollars in personal wealth due to the stock plummeting. As a consequence of the boycott, Facebook lost tens of millions of users worldwide. In fact, 1 In 4 Americans Have Deleted Facebook.

The trouble has not stopped there. The European Parliament has leveled massive bill against Facebook for tax avoidance. The European Parliament is also stating Facebook will face a potential $1.6 billion fine over data breach in Europe. Facebook is accused of breaching Europe’s General Data Protection Regulation (GDPR). Hackers broke into the accounts of 50 million Facebook users in Europe and stole private and identifying data. The criminal actions of the hackers responsible for the breach has generated this proposed fine. The hackers in question should face life in prison for costing a company such a large sum of money.

STORY SOURCE

Big Facebook investors call for ouster of Zuckerberg as chair

October 17, 2018 | 12:23pm - Big public investment funds are throwing their weight behind a push to oust Mark Zuckerberg from the helm of Facebook’s board. Four large institutional investors — including New York City Comptroller Scott Stringer, as well as the state treasurers of Pennsylvania, Illinois and Rhode Island — said Wednesday they’re signing onto a shareholder proposal filed in June by Trillium Asset Management which demands that Facebook appoint an independent chairman.

The push will likely have no direct effect, as Zuckerberg controls nearly 60 percent of Facebook’s shareholder votes. Still, it turns up the heat on 34-year-old Zuckerberg, who continues to get slammed by scandals and missteps since the Cambridge Analytica crisis this spring...

https://nypost.com

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