--- title: "Many Facebook Shareholders Wish They Could Fire Mark Zuckerberg" description: "Dropping Like Flies Amid his increasingly-embarrassing Metaverse push, Meta-formerly-Facebook investors are growing more and more upset at CEO and founder Mark Zuckerberg. As Bloomberg reports, the controversial Meta head is the main thing standing in the way of the company to bounce back from its meteoric stock crash, which last week was confirmed to have fallen […]" date: "2022-11-01" modified: "2022-11-01" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/facebook-shareholders-mark-zuckerberg-control" categories: - "Future Society" tags: - "facebook" - "mark zuckerberg" - "metaverse" - "the digest" --- # Many Facebook Shareholders Wish They Could Fire Mark Zuckerberg ![Amid his increasingly-embarrassing Metaverse push, Meta-formerly-Facebook investors are growing more and more upset at CEO and founder Mark Zuckerberg.]() *\Image: Getty Images/Futurism\* ## Dropping Like Flies Amid the social giant's [increasingly-embarrassing Metaverse push](), [Meta-formerly-Facebook]() investors are growing more and more upset at CEO and founder Mark Zuckerberg. As [*Bloomberg* reports](), many see the controversial figurehead as the main thing standing in the way of a bounce back from its meteoric stock crash, which has sunk even lower after its [history-making drop]() earlier this year. In total, Meta stock has fallen 72 percent in 2022, with analysts largely agreeing that the drop — which preceded the general depression of the stock market that occurred over the summer by months — is due to Zuckerberg's failure to deliver on his Metaverse gamble, which saw him changing the company name and investing at least $10 billion. https://twitter.com/unusual\_whales/status/1587144563843796992 ## Circumvention While investors are [increasingly up in arms]() about the [direction the company]() is headed under the metaverse-obsessed founder's direction, *Bloomberg* notes that the company's financial structure makes ousting Zuckerberg a virtual impossibility. Disgruntled investors have had — and will continue to have — only one choice while he's still in power: sell, sell, sell. "He’s tone deaf to what the owners of the company want, outside of himself," David Katz, the chief investment officer at Matrix Asset Advisors, told the financial news outlet. "The stock could double in a year with better management, with management that is more focused on shareholders." ## Inequality As the report notes, Facebook has taken on an unequal voting rights structure. It has two classes of shares: Class A, which the public can purchase and sell, and Class B, which are worth 10 votes each and are not public. Zuckerberg owns about 90 percent of the Class B shares, which almost completely insulates him from pushback or shareholder activism. His massive majority stake means that Zuckerberg has, of course, been hit financially as the company's stock craters, with recent [analyses describing his wealth loss]() to the tune of $100 billion. But it appears to be the price he's willing to pay for control over his company's future. With 20 percent more investors dropping their Meta shares, it's clear that they don't share his confidence — and likely recognize that there was nothing they could do to change the CEO's mind. **More Meta:** [*Stock Analyst Cries on TV Because He Recommended Facebook Stock*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()