Facebook institutional investors want Zuckerberg ousted as chairman

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…

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No VC: Facebook is not making any direct investments to African tech startups

Facebook’s to invest $57 Billion in Africa’s Economy in next five years

Facebook has been scaling up its operations in Africa and engaging more intently with tech startups on the continent, but the company has decided it will not be making any direct investments, Disrupt Africa reports That is according to Julien Decot, director of platform partnerships for EMEA at Facebook, who was speaking at last week’s MEST Africa Summit in Cape Town. He said the decision not to become an investor had come straight from Zuckerberg himself. “That was a Zuckerberg decision. The way Mark thought about it was – “this…

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Facebook to Pay $19 Billion for WhatsApp

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…

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