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4 replies

Hyacin (He/Him)
lemmy.ml

Saw this and thought well of him for half a second until the real story came across my feed - that he was throwing a fit threatening to move out of California until the board agreed to basically pay him sufficiently more (in non-voting shares he can immediately sell) to cover it.

Eat the rich. Slow roasted... ideally starting while they're still breathing.

3
RustyEarthfirereply
lemmy.world

It doesn't say they are paying him more, just that they are structuring things in a way he can sell stock but keep his control. A relevant excerpt from Meta's investor update (bold mine):

Meta intends to file an amended and restated certificate of incorporation in Delaware to establish the Class C [non-voting] common stock, with an effective date of January 19, 2027. The Board has also declared a one-time stock dividend of one share of Class C common stock for each outstanding share of Class A common stock and Class B common stock, contingent upon, and to be paid after, the effectiveness of the amended and restated certificate of incorporation.

If I understand correctly, each existing share is effectively split into a voting share and a non-voting share (which the market will price, probably each at around half the original value). Google did this in 2014, and GOOGL (voting) shares are worth about 2% more than GOOG (non-voting) shares.

2
jankforlife
lemmy.ml

Just slapping the capitalists hands, liberals will take this and think they've actually done something except delay an actual real revolution by decades LMBO Don't forget to "vote" to solidify the illusion of doing something

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