Inflatable Angry Emoji Looms Over Facebook Annual Board Meeting

OANN ^ | 30 May 2019 | Katie Paul and Ross Kerber

[ptsal]

MENLO PARK, Calif./BOSTON (Reuters) – Protesters carrying an inflatable angry emoji plan to greet shareholders of Facebook Inc as they gather for the company’s annual meeting on Thursday, the latest sign of its struggle to shake off user privacy scandals and rein in fake news and hate speech.

The social media giant will again face demands for reform at Thursday’s meeting, including shareholder proposals that call for revamping the company’s voting structure and ousting Chief Executive Officer Mark Zuckerberg as chairman.

The measures have little chance of succeeding, as a dual class share structure gives Zuckerberg and other insiders control of about 58% of the votes. And many investors have shrugged off the scandals swirling around the company, as it has beaten Wall Street’s estimates for revenue growth and continues to add users globally.

But even though the votes are largely symbolic, they are still seen as a useful barometer of investor sentiment about how well the social media icon is coping with unprecedented challenges to its hands-off approach to content.

Last year, about 83% of shares held by outside investors voted for a proposal that would have the company move to a structure of one vote per share and do away with the supermajority shares.

[ptsal]

[SNIP] One of Facebook’s largest fund investors, William Danoff of the $123 billion Fidelity Contrafund, did not mention any of Facebook’s privacy issues in his most in his most recent quarterly commentary to investors.

He wrote only that, as his portfolio’s second-largest holding, Facebook “appeals to us based on growth in its various apps and revenue from advertisers that want to reach the firm’s enormous base of daily active users.”

Danoff has been a long-time backer of Facebook and previously indicated he was satisfied with the company’s reform efforts to date.

Among other top Facebook investors, last year Vanguard Group Inc withheld support from Zuckerberg and Sandberg, and backed a measure to reform Facebook’s voting structure.

[dangus]

TTIUWP

[mikeus_maximus]

I love seeing noxious liberals being attacked by other noxious liberals. So much intolerance.

[dp0622]

Stock is almost at all time highs.

Introducing innovative offerings regularly.

I dont think the pressure will make Zuck go

[Albion Wilde]