During the company’s annual meeting on Monday, shareholders voted on Facebook’s board of directors, all of whom were up for re-election. As expected, Thiel and the rest of Facebook’s board will be staying on.
Facebook shareholders (read: Zuckerberg, who holds 60% of the voting power) also approved the company’s stock split and new class of shares, which ensures Zuckerberg retains control. The Class C shares will not offer stockholders any voting rights—thereby not diluting Zuckerberg’s voting power and freeing him up to put stock toward his new philanthropic venture, the Chan Zuckerberg Initiative. PM