Investor Julie Goodridge thinks that Facebook Inc (NASDAQ:FB)’s shareholder voting structure is unfair, and it looks like the company went public only to make insiders rich. These insiders include Facebook Inc (NASDAQ:FB)’s CEO Mark Zuckerberg. Goodridge wants Facebook to give all shareholders equal voting right. She thinks that Facebook Inc (NASDAQ:FB) going public was all about liquidity. She said that the evidence of this is that they sold shares worth $14 billion after going public.
In a program, Goodridge said that Facebook Inc (NASDAQ:FB) is making the insiders phenomenally wealthy, which is not fair as other shareholders don’t get any say in the vital matters of the company and business.
Goodridge, who holds shares in Facebook Inc (NASDAQ:FB), also presented her proposal to give equal right of voting to all the shareholders. Her proposal was rejected, but she persists that she will not sell the shares. Facebook Inc (NASDAQ:FB)’s shareholders’ voting structure is not unique of its sort. Many other companies also have the same structure, which is crafted to avoid extra control of shareholders who could want more return on investment.
According to Goodridge, Facebook Inc (NASDAQ:FB)’s CEO should have retained most the shares to himself if the intention was to make insiders wealthy and make more money. Facebook is a great company, which is changing the world in a lot of ways. But, Goodridge thinks, this doesn’t mean that no one could question the company’s strategy.
Ken Griffin holds 4.58 million shares worth $307.87 million of Facebook Inc. (NASDAQ:FB).