In the least surprising move imaginable, Facebook shareholders voted today to keep billionaire tech titan Peter Thiel on the company’s board.
Well, really, it was Mark Zuckerberg’s decision, given that he holds more than 60 percent of the voting power when it comes to Facebook’s board. The company has multiple tiers of stock with different privileges granted to them. Earlier today, the company approved a proposal to create a new class of nonvoting shares.
In other words, until Thiel’s vendetta against media outlets he doesn’t like becomes a full-blown PR nightmare that actively threatens Facebook’s market position, he’s staying, and Facebook’s not going to talk about it.
Christine Jantz of NorthStar Asset Management, which holds a measly $5.4 million in common stock, expressed concern about the voting procedure, saying that, “It will continue to become impossible for outside shareholders to have any input on company decisions.” I mean, yeah, it’s 2016 and it’s still Zuckerberg’s world. Where have you been?