Facebook shares fell 4.5 percent on Monday, the worst day since Nov. 3, as investors digested the company’s reaction to political pressure and new planned share sales from CEO Mark Zuckerberg.
The social media company made headlines several times last week after its chief executive returned to the office from paternity leave. Upon his return, Zuckerberg took swift action on two major conflicts facing Facebook: a lawsuit over a proposed new class of shares and a probe into election advertisements.
Facebook settled the lawsuit by abandoning the proposed new class of shares, which would have included no voting rights and made it easier for Zuckerberg to maintain voting control over the company even as he cashed out his shares. The suing shareholders felt it was a bad idea to “separate economic interest from voting control,” Stuart Grant, an attorney for Facebook shareholders, told CNBC on Monday.- READ MORE
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