: Why Mark Zuckerberg can fire 11,000 workers but Meta’s shareholders cannot sack him #IndiaNEWS “I want to take accountability for these decisions and for how we got here,� tech billionaire Mark

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Why Mark Zuckerberg can fire 11,000 workers but Meta’s shareholders cannot sack him #IndiaNEWS
“I want to take accountability for these decisions and for how we got here,� tech billionaire Mark Zuckerberg told the 11,000 staff he sacked this week.But does he really?The retrenchment of about 13% of the workforce at Meta, owner of Facebook and Instagram, comes as Zuckerberg’s ambitions for a “metaverse� tank.The company’s net income in the third quarter of 2022 (July to September) was .4 billion – less than half the .2 billion it made in the same period in 2021. That’s due to a 5% decline in total revenue and a 20% increase in costs, as the Facebook creator invested in his idea of “an embodied internet – where, instead of just viewing content, you are in it� and readied for a post-Covid boom that never came.Since he changed the company’s name to Meta a year ago, its stock price has fallen more than 70%, from 5 to 1. Selling is really all the majority of shareholders can do. They are powerless to exert any real influence on Zuckerberg, the company’s chairman and chief executive.If this had happened to a typical listed company, the chief executive would be under serious pressure from shareholders. But Zuckerberg, who owns about 13.6% of Meta shares, is entrenched due to what is known as a dual-class share structure.When the...Read more

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