Facebook hit with lawsuit over new stock option that gives Zuckerberg a license to print money

When Facebook announced its first quarter results this week, it also announced that it created a new class of stock. The non-voting Class C stock proposed would enable Mark Zuckerberg and his wife Priscilla Chan to more easily fund their philanthropic ventures, whilst keeping Zuckerberg himself firmly in control of Facebook. In response to this, a lawsuit has been raised that says the proposed deal is unfair. The shareholder raising the class action lawsuit said the deal would grant Zuckerberg even more control and that the board committee didn’t do enough "to obtain anything of meaningful value" in return. The… [Continue Reading]