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vladislav-karelin · 5 years

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Вт, 12:14: Обзор IP-телефона Snom D717 https://t.co/L7HyIWEWk3

Вт, 12:17: "Google’s Shadow Work Force: Temps Who Outnumber Full-Time Employees" by DAISUKE WAKABAYASHI via NYT… https://t.co/MFUrKUXRby

Вт, 12:25: "Food Delivery Apps Are Drowning China in Plastic" Check out via NYT https://t.co/sBc6eSasIy The New York Times

Вт, 12:25: "Google’s Shadow Work Force: Temps Who Outnumber Full-Time Employees" Check out via NYT https://t.co/fIkQgyKgj2 The New York Times

Вт, 12:42: "Food Delivery Apps Are Drowning China in Plastic" by RAYMOND ZHONG and CAROLYN ZHANG via NYT… https://t.co/cbAcgNcDMc

Вт, 12:47: New story on NPR: Tampered Videos Threaten To Hijack 2020 Political Conversations https://t.co/jW5JFrX2S8 https://t.co/W6TdiqbdI5

Вт, 13:17: Нужна ли людям математика? https://t.co/BYSpJnkFnt

Вт, 14:18: [Из песочницы] Биометрическая обратная связь https://t.co/GHL5GUznOH

Вт, 14:26: #81 Mark Zuckerberg to Ignore Canadian Parliament's Subpoena, Maybe Get Found in Contempt via /r/technology --… https://t.co/UgI2OKgLWA

Вт, 14:26: #81 Google’s Shadow Work Force: Temps Who Outnumber Full-Time Employees via /r/technology --… https://t.co/7OlTxRzFFt

Вт, 14:26: #81 An original Apple I in a briefcase just sold for nearly $500k via /r/technology -- https://t.co/NCj4ZWgXMq… https://t.co/W6t1Lg33Ot

Вт, 16:11: Stacey on IoT Easy, revokable, remote access to IoT devices? Yes, please!: https://t.co/da1oqWuooU

Вт, 16:16: #81 Malware designed to steal money from banks grew 60% in Q1 via /r/technology -- https://t.co/XAa2kjLkR2… https://t.co/Y5RODZtElf

Вт, 16:16: #81 What Tumblr’s Ban on 'Adult Content' Actually Did via /r/technology -- https://t.co/l8dkOuYqUW… https://t.co/tYsQRvI2Sr

Вт, 17:46: #81 Apple exec dismisses Google CEO’s criticism over turning privacy into a ‘luxury good’ via /r/technology --… https://t.co/u2Kq9WQYLH

Вт, 17:46: #81 Report Says EU ISPs Are Happily Ignoring Net Neutrality Rules via /r/technology -- https://t.co/p1i37BAHxa… https://t.co/9w8A6EBS9m

Вт, 18:18: Как изменится совместная работа и просмотр видеоконтента с приходом 5G https://t.co/lbBJqPgCyi

Вт, 19:36: #81 Global angst over plastic waste spurs Japan to act on packaging via /r/technology -- https://t.co/RGfCbaOsCD… https://t.co/syuAyhz8KD

Вт, 20:47: New story on NPR: Why Suburban Moms Are Delivering Your Groceries https://t.co/PUF1qaDJLl https://t.co/B61VrprD5X

Вт, 20:47: New story on NPR: Instagramming Crowds Pack National Parks https://t.co/GAm36dFhxN https://t.co/EzNAj3N7l5

Вт, 21:26: #81 Mark Zuckerberg Will Be Served a Summons If He Sets Foot In Canada - The Facebook founder and CEO Sheryl Sandbe… https://t.co/fmMbkwDAeQ

Вт, 21:31: #81 Nuclear power decline ‘would lead to increased emissions’: IEA via /r/technology -- https://t.co/fa7AFIWa4p… https://t.co/1AiQ1McRAb

Вт, 22:47: New story on NPR: MacKenzie Bezos Pledges To Give More Than Half Of Her Billions To Charity https://t.co/vYjkTz9EFv https://t.co/xEReACsoli

Ср, 00:48: New story on NPR: Foresight 2020: Andrew Yang https://t.co/BRpWcy5obT https://t.co/6B3zgsix10

Ср, 01:46: #81 Chinese military to replace Windows OS amid fears of US hacking via /r/technology -- https://t.co/t4NfqlhkLu… https://t.co/35DSAgmtRQ

Ср, 01:46: #81 More than 1,700 people walking on a University of Colorado campus were unknowingly photographed as part of a fa… https://t.co/Q11jYn9DJQ

Ср, 05:51: #81 If Regulators Won’t Stop The Sale of Cell Phone Users’ Location Data, Consumers Must via /r/technology --… https://t.co/lPAHP6nsMD

Ср, 05:51: #81 MacKenzie Bezos just pledged to give away half her fortune during her lifetime, something Jeff Bezos, the riche… https://t.co/rxyokkTQZ1

Ср, 05:51: #81 Spies with that? Police can snoop on McDonald's and Westfield wifi customers: Documents reveal rushed encryptio… https://t.co/vKlX6lB3qf

Ср, 08:14: Пишем Reverse socks5 proxy на powershell.Часть 1 https://t.co/y97xTLiQDw

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whittlebaggett8 · 5 years

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Facebook’s shareholder meeting was a sad display of impotent groveling, and it’s the future in store for many other investors, Defence Online

Facebook shareholders expressed disappointment with Mark Zuckerberg’s running of the enterprise at its yearly shareholder assembly Thursday.

They could do minor about the condition, however, simply because Zuckerberg’s shares give him the skill to identify the result of any shareholder vote and to command Facebook’s board.

The issue confronted by Facebook shareholders is likely to be repeated at other corporations in the long term, for the reason that a escalating quantity are in the same way supplying a disproportionate volume of control to insiders.

That command insulates professionals from accountability and poses potential risks to shareholders, employees, and the general public at huge.

Check out Defence Online’s homepage for additional stories.

As upset as lots of could have been, there was totally zero likelihood Fb investors had been going to oust Mark Zuckerberg on Thursday or even curtail his energy in any way.

The end result of the company’s annual shareholder assembly was determined a long time before it even started.

That plain simple fact shouldn’t just gall Facebook’s shareholders. It should really fret traders and coverage makers as a whole. Which is because the variety of would-be Facebooks is escalating, and their shareholders and the public will have related trouble attaining control of them must they at any time go off the rails like Zuckerberg’s company has.

It was clear at the assembly that several of Facebook’s investors are furious with the way Zuckerberg has been working the corporation. Shareholders got two proposals on the ballot this yr that would have limited his energy. And at the assembly, a number of buyers spoke out versus him.

Browse this: Facebook’s former protection chief says Mark Zuckerberg has as well substantially ability and demands to stage down as CEO

One shareholder instantly requested Zuckerberg regardless of whether he would resign as the Facebook’s chairman. Zuckerberg did not respond to the issue, as an alternative reiterating his own call for govt regulation. An additional shareholder asked Susan Desmond-Hellmann, Facebook’s lead impartial director, if she would hold a meeting of the company’s board with the specific goal of ousting Zuckerberg as chairman she claimed no.

Facebook traders have good induce to be furious

Facebook’s shareholders have very good reason to be disappointed with Zuckerberg and the company’s management. The social-networking big has observed a seemingly non-quit string of scandals considering that the 2016 election, from Russian interference in that campaign to recurring and large leaks of user details to the spread of genocide-marketing propaganda.

The fiascos have harmed the company’s popularity, prompted customers to get started averting its service, spurred expanding calls for regulating or breaking up the business, pressured it to considerably raise its spending on issues these as human moderators, and most likely will lead to a multi-billion dollar fantastic from federal regulators.

Inspite of all of that, Zuckerberg and Sheryl Sandberg, his prime lieutenant, have resisted all calls for any form of particular accountability. Zuckerberg has refused to phase apart or to force Sandberg out.

Unfortunately for shareholders, they are powerless to do significantly additional than rant. Solely by himself, Zuckerberg can determine the final result of any shareholder vote. He can install or substitute board members as he chooses. And he can establish the company’s route and plan with out any enter from any person else, if which is what he would like.

What presents Zuckerberg this energy is Facebook’s governance framework. The enterprise has two classes of inventory. Its Class A stock, which is held by every day traders, get one particular vote for every share. Its Class B inventory, which is principally held by Zuckerberg, gets 10 votes for each share. Thanks to these additional votes, Zuckerberg controls nearly 58% of the voting power at Facebook, even however he only owns or has electrical power in excess of about 14% of its whole shares.

Buyers are beggars, many thanks to alternatives created decades in the past

That method leaves shareholders – nominally the house owners of the corporation – in the situation of beggars. Since they can’t regulate Facebook’s board or way, they’re lowered to sounding off – or pathetically pleading with Zuckerberg for change.

Investors in fact referred to as on Facebook to ditch its dual-course system on Thursday. Just one of the shareholder proposals they voted on would have urged the business to phase out its twin-class inventory structure “at the earliest practicable time.” You don’t have to be a psychological genius to know how that went down.

Facebook’s shareholders are struggling the penalties of decisions built 7 many years ago. The bankers who took the company community and the institutional investors who bought shares in its first presenting effectively signed off on giving Zuckerberg his disproportionate energy. But what is galling is that those people early buyers created that settlement not just for on their own but for each individual Facebook trader that would adhere to them. If you get a share of Facebook today, you have to stay by the settlement they struck.

That is what’s referred to as an agency challenge. It may perhaps very well have been in the bankers and institutional investors desire to give Zuckerberg’s outsized energy their stamp of approval they ended up acquiring in on what was expected to be a hot IPO, after all. But their preference – which will dwell on in perpetuity, simply because Facebook’s dual-class framework has no established end date – was not automatically in the passions of later on buyers in the company.

Backers of dual-class buildings normally argue they permit visionary founders to target on setting up lengthy term worth for their firms relatively than on the normally short-phrase worries of the public markets. That was the scenario Facebook’s board manufactured in opposing the shareholder proposal to do away with the structure.

“Our board of administrators thinks that our capital structure contributes to our stability and insulates our board of administrators and administration from limited-phrase pressures, which allows them to concentrate on our mission and very long-expression achievements,” they mentioned on the company’s regulatory doc it filed in relation to the vote. They continued: “Zuckerberg is invested in our extensive-term accomplishment, and less than his guidance we have recognized a monitor record of producing value for our stockholders and navigating important possibilities and difficulties.”

Twin-course structures are bad for investors and society

But, as Facebook has demonstrated, this kind of constructions also insulate company supervisors and directors from the legit problems of buyers and the public. They permit them to function with impunity with very little concern of being held accountable for their missteps, no subject how egregious.

Even appeared at by means of the narrow lens of shareholder returns, these kinds of buildings are normally lousy bargains for buyers. Research from the US Stability and Trade Fee signifies that businesses that have dual-course constructions that exist into perpetuity are inclined to underperform all those that have sunset provisions.

If Fb ended up the only corporation or a person of only a handful with this sort of buildings, it would be poor enough. But the twin-stock challenge has been metastasizing.

A lot of of the tech corporations that have gone community about the previous two many years – which includes Lyft, Pinterest, Zoom, Snap, Dropbox, Spotify, and Roku – have constructions that give insiders extra votes and disproportionate power. And a lot more are on the way, including these types of properly-regarded startups as WeWork, Slack, and, probable, Airbnb.

Whilst lots of of those companies would not look to pose the exact amount of risk to modern society as Facebook has revealed alone to be, some could. As 1 case in point, driving – the activity at the heart of Lyft’s service – actually puts life at stake.

Even if they never pose these kinds of societal-amount hazards, the companies’ twin-course structures pose other dangers. The absence of accountability they empower can encourage fraud, self-dealing by management, reckless shelling out, and additional, any of which could negatively affect not just the companies’ shareholders, but their employees, and the communities in which they operate.

At this stage, curtailing twin-class constructions is probable likely to take an act of Congress. And offered that community policy makers do not look to have targeted on this issue and that Congress alone is hopelessly divided appropriate now, such constructions are not likely away whenever before long.

So be ready to hear about additional investors ranting at corporate professionals but unable to do anything at all about it. Mark Zuckerberg is only the most visible member of the growing class of safeguarded CEOs.

Got a tip about the tech marketplace? Get hold of this reporter through e mail at [email protected], message him on Twitter @troywolv, or deliver him a safe message by means of Sign at 415.515.5594. You can also get hold of Defence On the web securely through SecureDrop.

The post Facebook’s shareholder meeting was a sad display of impotent groveling, and it’s the future in store for many other investors, Defence Online appeared first on Defence Online.

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#Dual-class shares #Facebook #Finance #Mark Zuckerberg #News #Opinion #Pinterest #Roku #Sheryl Sandbe

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