Facebook nixes plan to create new class of stock

The plan unveiled past year had been created to allow founder and chief executive Mark Zuckerberg to maintain voting control as he divests to fund a philanthropic initiative with his wife Priscilla.

"Over the past year and a half, Facebook's business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more", Zuckerberg said on his Facebook page. Facebook "was not originally founded to be a company, but to accomplish a social mission", he says.

Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook.

He said that he and his wife still plan to give away 99 percent of their Facebook shares during their lifetimes, and are even accelerating the process.

Zuckerberg said that within the next 18 months he would sell between 35 million and 75 million Facebook shares-between $6 billion and $13 billion worth of stock-to fund his philanthropy.

This comes days before Zuckerberg was expected to testify in court after shareholders sued the company because of the proposed plan.

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