Facebook is falling amid share structure and Russian election influence controversies (FB)

pulse

September 25, 2017 4:47 PM

Facebook's stock price is slipping as it deals with a litany of issues around election influence and stock structures.

Mark Zuckerberg isn't having a great Monday.

Shares of Facebook are down 3.47% on Monday as Facebook trudges through several controversies.

The latest came on Friday as Facebook dropped its plans to issue a new class of non-voting shares. A special committee of the company's board previously approved the plan to issue the shares, but a class action lawsuit was filed to block the share issuance.

Zuckerberg, the CEO of Facebook, was set to appear in court on Tuesday as a witness in the case, and the last minute change by Facebook means the CEO won't have to answer a lawyer's questions on the witness stand.

The company previously said the new shares would allow Zuckerberg to sell a majority of his shares for philanthropy while still maintaining control of the company. It would have also let Zuckerberg retain control of the company should he be elected to a public office.

Zuckerberg said on his Facebook page that he still plans to sell shares to fund his philanthropy and predicted that he would be able to retain control of the company for the next twenty years despite retracting the new share-structure plan.

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