Facebook shareholders have approved a proposal that would allow CEO Mark Zuckerberg to give away his wealth without ceding control of the company, according to the Financial Post
Shareholders approved a plan to create a new class of non-voting shares. The company will issue two of these “Class C” shares for each Class A and Class B share held by shareholders, the Financial Post
reported. That will effectively create a 3-for-1 stock split.
Zuckerberg said in December that he intended to put 99% of his shares into a new philanthropy project, the Financial Post
reported. The new Class C shares will allow him to sell the non-voting stock, while retaining the Class A and B shares and keep control of the company.
Zuckerberg told shareholders that he plans on running the social media giant “for a very long time,” the Financial Post
The ETF for millennials
The social network: A new age of wealth management