[mullingitover]

> The board has to keep the market happy.

With Zuckerberg controlling 60% of the votes (and thus able to remove any of them unilaterally), the board has exactly one person they need to keep happy.

Zuckerberg could decide tomorrow that Facebook should be converted into a christian singles dating site, share price be damned, and the board would comply or they would be replaced.

[qqtt]

I think there is a bit of a disconnect recently with how people think companies "should" be governed and how they actual are these days.

The tech boom has put, at various points, incredible power in the founders hands to dictate the terms of how corporate governance works. In the case of Facebook, Zuckerberg has controlling interest in the company. He can overrule shareholders and the board via his special class of shares.

An even more egregious example is Snap (NYSE: SNAP) - shareholders who purchase common shares of Snap don't even having voting rights at all. Between Evan + Bobby - they have 90% control of the shares. Even if you buy 100% of the available shares, you cannot even vote on company governance - let alone have any sort of control over the business.

[mullingitover]

These stock arrangements are pretty surreal. Buying shares in SNAP gives you zero say the operation of the company, but they make up for this by also giving you zero dividends. I'm not sure what the point is in owning the shares at all, it feels like the only value in owning the shares is that you might find another sucker willing to pay even more for them in the future.