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This. Owning ~20% of normal stocks and ~60% of voting stocks shouldn't be allowed for public company. At some point company becomes just CEO's toy to do things
by userforcomment 3y ago
This. Owning ~20% of normal stocks and ~60% of voting stocks shouldn't be allowed for public company. At some point company becomes just CEO's toy to do things they want, in this case "metaverse".
- fdsvalkj 3y agoWhy not? Nobody put a gun to anybody's head and made them invest in META. Arguably there's forced investment by index fund holders but now the SP500 eschews companies with that structure, so even index investors can avoid this sort of thing.
- djkivi 3y agoApparently the S&P 500 rule is recently changed: https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20230417-1463543/1463543_prapril20231500shareclassconsultresults.pdf https://www.spglobal.com/spdji/en/documents/indexnews/announ...
- dslkjvalkj2 3y agoOh! Well that weakens my point then doesn't it.
- djkivi 3y agoIt came as a shock to learn this for me too! I thought it was a good rule when they introduced it a few years ago.
- DANmode 3y agoAny summary for those who don't execute random PDFs? Thanks.
- Salgat 3y agoI'd argue that no single person should have that much power and wealth in this country. Why is it okay that Zuckerberg has absolute power over one of the most influential companies in the world? How does that benefit society as a whole?
- filoleg 3y ago> Why is it okay that Zuckerberg has absolute power over one of the most influential companies in the world? Because that's the company he founded and owns. It wasn't one of the most influential companies in the world upon being founded, it became so with Zuck at the helm. > How does that benefit society as a whole? How does this have anything to do with anything? And how do you propose we measure it?
- Salgat 3y agoI'm not asking if it's legal, I'm asking why this system is what is best for society. Is having billionaires controlling our country a good thing?