Meta creates a new stock class to keep Zuckerberg in control
Source: Business Insider ·
Meta established a new Class C of stock to ensure Mark Zuckerberg stayed as CEO. Zuckerberg has led the company's AI push.
From the source
Meta wants to continue its "founder-led model" — so it's creating a new stock class.Bloomberg/Getty ImagesMeta established a new class of stock to ensure Mark Zuckerberg stayed as CEO.The stock class will "continue the founder-led model that has driven the company," Meta said in its third-quarter earnings.Zuckerberg has taken a leading position in Meta's AI era.Meta's board wants Mark Zuckerberg to stick around.The company announced a new category of non-voting Class C stock in its third-quarter earnings report. It listed several reasons for creating the new class — one of which is to keep the CEO in control.A Special Committee established by Meta's board determined that Zuckerberg was the best fit to lead the company into its future, and highlighted the CEO's creative vision and management abilities."The creation of the Class C common stock will continue the founder-led model that has driven the company's success since its inception," Meta said.The stock class will also provide Meta…