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A group of Meta want more checks on Mark Zuckerberg’s power. A group of angry shareholders say Mark Zuckerberg’s weak leadership has sent Meta’s stock tumbling 34% this year — and they plan to push for checks on the CEO’s power, The Post has learned.
Concerned investors are pushing two resolutions at the social media titan’s upcoming shareholder meeting they say would provide badly needed oversight of Facebook, Instagram and the potential “dystopian downsides” of Mark Zuckerberg’s metaverse project.
In an effort to drum up support, a corporate accountability group called SumOfUs that’s working with activist investors is sending a report to more than 4,000 institutional investors with stakes in the company — among them Vanguard, Fidelity and BlackRock.
The scathing report, which was exclusively obtained by The Post, describes three crises “engulfing” Zuckerberg’s company: privacy restrictions by Google and Apple that have bruised Meta’s advertising business , the storm of antitrust lawsuits and bills targeting Meta and other big tech firms, as well as allegations that Zuckerberg has lied to investors and lawmakers about Instagram’s harmful effects on teens .
The group places blame for these crises squarely on Zuckerberg, who they say has failed to prove that his recent embrace of the metaverse is anything more than a “rushed attempt to divert attention from fundamental issues with Meta’s core business.”
Christina O’Connell, SumOfUs’s shareholder engagement advisor, told The Post that Meta’s plummeting stock price should wake up investors. Shareholders are worried about “dystopian downsides” to Mark Zuckerberg’s metaverse pet project. “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,” O’Connell said.
The first resolution, which SumOfUs is pushing alongside shareholders Harrington Investments and the Park Foundation, calls for an outside assessment of Meta’s Audit and […]
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