ManageEngine OpManager, a powerful NMS for monitoring your network, physical & virtual (VMware/ HyperV) servers & other IT devices. Deploy and start monitoring in less than an hour. Trusted by over a million admins world-wide. Try it for free.
Facebook on Wednesday announced its board of directors is proposing a new class of shares that will allow its founder to pursue a number of different initiatives while maintaining long-term control over the company.
The news came on the heels of a blockbuster first quarter earnings report.The plan calls for Facebook to offer non-voting Class C capital stock, which will allow CEO Mark Zuckerberg to pursue his long-term vision, as well as outside philanthropic work, while protecting Facebook from a dilution of voting stock and mitigating risk of a succession plan.
Zuckerberg is committed to the long-term success of the company, he wrote in a note posted Wednesday, and he intends to stay focused on initiatives like growing the use of video, increasing the availability of high-speed Internet around the world, and developing artificial intelligence and virtual reality.
He and his wife Priscilla have pledged to give away the vast majority of their Facebook shares through the Chan Zuckerberg Initiative, he noted, in an effort to better society at large.
"While helping to connect the world will always be the most important thing I do, there are more global challenges that I feel a responsibility to help solve," Zuckerberg said. "Like helping to cure all diseases by the end of this century, upgrading our educational system so its personalized for each student and protecting our environment from climate change."
The company's quarterly earnings report didn't hurt his case. Facebook announced an 87 percent in adjusted first-quarter earnings to more than US$2.2 billion, or 77 cents a share, beating Wall Street estimates.
Shares hit an all-time high of $120.79 on Thursday, before closing at $116.73, an increase of more than 7 percent above Wednesday's close. Shares closed Friday at $117.58