Facebook corporate dictatorship: Mark Zuckerberg doesn’t care about shareholders.
A picture taken on October 1, 2012, shows Facebook CEO Mark Zuckerberg shaking hands with Russia's communications minister Nikolay Nikiforov after Zuckerberg's meeting with Russian Prime Minister Dmitry Medvedev at the Gorki residence outside Moscow.
Photo by ALEXANDER ZEMLIANICHENKO/AFP/GettyImages
Here's a piece about what Facebook can do to justify its high valuation while Christopher Mims is a bit skeptical that Facebook can ever be a profit engine. But the thing you really need to keep in mind when thinking about Facebook's business strategy is that Mark Zuckerberg doesn't need to care what you think. Facebook is his. All his. Everyone else is just along for the ride.
Separation of ownership and control is integral to the operation of modern financial capitalism, but typically the CEO works for the shareholders, at least in principle.
With Facebook that's not the case. As I wrote at the time of the IPO, Facebook is entirely Zuckerberg's. Or, rather, because there are two classes of shares, Zuckerberg controls 57 percent of the votes.
http://www.slate.com/blogs/moneybox/2013/01/31/facebook_corporate_d...
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