Some Meta shareholders are angrily questioning Zuckerberg’s leadership after the company’s stock dropped 34 percent. Said shareholders are pushing to put checks in place to limit Zuckerberg’s power.
SunOfUs, a corporate accountability firm, along with some investors, is delivering a report detailing several crises Meta is dealing with to over 4,000 institutional Meta investors, including Vanguard and Fidelity.
The crises include privacy restrictions put in place by Apple and Google and the many antitrust lawsuits Meta is facing. According to The Post, the third crisis of concern is the allegations that Zuckerberg lied to investors about the adverse effects of Instagram on teens, which received a copy of the report.
The group of angry shareholders directly blames Zuckerberg for the above predicaments, including the drop in its stock price.
“When you see a loss of over $230 billion in February, that shakes up everybody, and that should be a sign that it’s time for change,” shareholder engagement advisor at SumOfUs, Christina O’Connell, warned The Post.
Meta Shareholders Call For Solutions
Currently, the corporate accountability group calls for Meta’s Audit and Risk Oversight Committee to receive an outside assessment. Secondly, the group wishes to address the potential effects that Zuckerberg’s metaverse may have on mental health and civil rights.
“Meta has been unable to manage its problems here now in the world where we’re all living, so it’s pretty shocking that they want to move into a more complex platform such as the metaverse,” O’Connell added. “Harms to children, harassment, hate speech — that all becomes amplified when you start moving into the metaverse.”
However, Meta’s board is encouraging shareholders to vote against both motions. All shareholders must submit their votes by May 25, when the company’s annual shareholder meeting will take place.
//H2 Meta Scandals
Meta is no stranger to scandal, with the company currently facing $18.6 Million in fines from the Irish Data Protection Commission for a series of data breaches in 2018. Likewise, Texas Attorney General Ken Paxton is suing the tech giant, claiming Facebook’s photo-tagging system violates the Texas Capture or Use of Biometric Identifier (CUBI) Act.