According to a report, Facebook founder Mark Zuckerberg is allegedly planning to join the US government.
Is Facebook founder Mark Zuckerberg planning to join the US government? Well, that’s what a report in Bloomberg claims! According to the report, Erskine Bowles (former US President Bill Clinton’s chief of staff) is worried that Zuckerberg wants to be allowed to ‘serve two years in the government without losing control of the company’. Facebook investors have reportedly also criticised Marc Andreessen, a long-time board member, accusing him of conflict of interest. Andreessen is a close ally of Zuckerberg, who has been accused by investors of not representing their interests. A few texts between him and the founder have been made public, as part of a lawsuit.
Earlier in 2016, Zuckerberg had appeared in front of the shareholders to ask whether he will continue to have voting rights in the company, in case he decides to sell most of his shares, Bloomberg reported. This move, though helpful for Zuckerberg’s philanthropic plans in ‘Chan-Zuckerberg Initiative’, will also dilute the power, investors have in the company. The report said that the board members had the option to change the outcome before Zuckerberg approached his shareholders.
Zuckerberg’s stocks have the most voting rights and hence he has voting control among shareholders. Since Zuckerberg doesn’t want to lose the control, he reportedly gave the idea to create a new class of shares. Three board members including Andreessen were placed on a special committee in order to represent shareholders in the decision making.
As per the report, Zuckerberg’s one motive was alleged to be able to work in the government and at the same time have control over Facebook. The documents, the report says, reveal that Andreessen wanted to convince Bowles, that if Zuckerberg joined the government, he would probably have to give up the control he has on the company anyway. Meanwhile, there is no other information on what kind of role Zuckerberg wants in the government.