Short Bytes: It looks like Facebook co-founder and CEO Mark Zuckerberg is trying to keep his options open after leaving the company. A new SEC filing has indicated a clause that would allow him to control Facebook after leaving the company for public office.A class-action lawsuit, filed in late April after a new proxy issued by Facebook, has raised an interesting question regarding Facebook and its CEO Mark Zuckerberg’s future.
Spotted by Forbes, this proxy also mentions a new class of stocks intended to strengthen Zuckerberg’s control over the company in the longer run. It also includes provisions that will revert his supervoting shares into regular shares in his disability, death, or departure.
The most noticeable point in the proxy hints at proposed changes to the Facebook stock structure that will allow Zuckerberg to retain control over the company while serving in a “government position or office.” Some board members have even tried to have the clause removed, Bloomberg reports.
This is being speculated as Zuckerberg’s wish to enter politics, following the path of other businessmen-turned-politicians. In the past, he has repeatedly talked about his greater dream of helping humanity. It could also be just a hypothetical clause negotiated by lawyers.
For more details and legalities involved, read Forbes’ article.
What do you think? In future, should Mark Zuckerberg join politics? Don’t forget to drop your view in the comments section.