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Facebook institutional investors want Zuckerberg ousted as New chairman

October 18, 2018October 10, 2024 Web Support

Amidst increasing incidences of data breaches such as the Cambridge Analytica scandal that saw the personal data of 87 million Facebook members used without permission, to Russian sourced posts aimed at influencing the midterm elections, a report from Reuters states that four institutional investors in Facebook are looking to have Zuckerberg replaced by an independent chairman. A similar proposal was defeated by stockholders in 2017. The filing asking for a vote to remove Zuckerberg was made to Facebook’s board by the state treasurers of Illinois, Rhode Island and Pennsylvania, who…

Facebook to Pay $19 Billion for WhatsApp

February 20, 2014 Staff Writer

Messaging Startup to Operate Independently, Retain Brand, Facebook’s $19 billion purchase of the WhatsApp mobile messaging service ranks as the largest-ever purchase of a company backed by venture capital. Facebook Inc. FB +1.13% agreed to buy messaging company WhatsApp for $19 billion in cash and stock, a blockbuster transaction that dwarfs the already sky-high prices that other startups have been able to recently command. The 55-employee company, which acts as a kind of replacement for text messaging, has seen its use more than double in the past nine months to…