Mark Zuckerberg, the billionaire founder of Facebook, which breached $100 billion mark valuation this year, is facing a revolt inside his own company.
Currently Chairman and CEO of Facebook, Mark Zuckerberg has been directly asked to step down from his position.
What has suddenly happened that investors want him out?
Facebook Investors to Zuckerberg: Your Time Is Up!
Trillium Asset Management is a US investor which owns a £8.5 million stake in Facebook. Their a senior vice-president, Jonas Kron has called upon Zuckerberg and asked him to resign.
Although investors were unhappy with Mark, and his style of functioning in the past, this is for the first time that he has been directly asked to resign from his position.
He said, “Facebook is behaving like it’s a special snowflake. It’s not. It is a company and companies need to have a separation of chair and CEO,”
This June, during an investors’ meeting, Mark Zuckerberg faced criticism and anger from investors. Infact, one investor was asked to leave the meeting, after he shouted at Zuckerberg.
The investors accused Mark of running a “corporate dictatorship”.
An investor named James McCritchie had said in June: “Mr Zuckerberg, take a page from history: Emulate George Washington, not Vladimir Putin,”
Why Zuckerberg Has Been Asked To Step Down?
The recent rebel against Mark Zuckerberg has suddenly erupted, because of a report which says that Mark Zuckerberg hired an agency to unleash smear campaign against his critics and competitors.
As per the report published in New York Times, Zuckerberg had hired a Republican public relations firm, Definers Public Affairs to launch a propaganda against his critics and label them as anti-Semitic.
Mark Zuckerberg has denied the report by New York Times, and said, “As soon as I learned about this, I talked to our team and we are no longer working with this firm,”
The campaign run by Definers Public Affair also tried to link activists to billionaire investor George Soros, and take away the public anger from Facebook to these issues.
This happened when the investors and media questioned Mark Zuckerberg over Russian election scandal and Cambridge Analytica scam – both of which proved to be anti-America, and anti-Americans. While Russian interference of American elections in 2016 was a direct attack on America’s integrity, Cambridge Analytica scandal broke people’s trust on Facebook, as their data was exploited.
One investor said, “He ((Mark) is not accountable to anyone, not the board or the shareholders, which is a bad corporate governance practice. He’s his own boss, and it has clearly not been working.”
In a recent poll, 51% of investors are in favor of ousting Mark Zuckerberg from Facebook.
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