Reminder of who really rules Facebook
It’s easy. It’s just one person.
Around 2016 or 2017, an internal investigation at Facebook “uncovered the extent of Russian meddling on Facebook’s systems”.
The members of the board were completely unaware of the investigation, and its results, until September 2017. When they did discover the problem, they were furious, “but nothing substantive happened”.
The obvious reason, explains the Guardian, is that
“Mark Zuckerberg, our founder, chairman and CEO, is able to exercise voting rights with respect to a majority of the voting power of our outstanding capital stock and therefore has the ability to control the outcome of matters submitted to the stockholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets.”
“This concentrated control could… result in the consummation of such a transaction that our other stockholders do not support.”
Or, in two much simpler sentences, one by the Guardian, the other from me:
- Facebook board members “serve entirely at Zuckerberg’s pleasure… he could fire the entire board and there is nothing that anyone could do about it”
- Facebook, and Big Tech in general, are just “Feudalism + Animal Farm, digitized. Via tax havens”