Facebook CEO Wins Controversial Leadership Vote

Many of the company’s largest shareholders insisted that Zuckerberg step down as chairman of the board and focus solely on his other role of managing the company’s day-to-day operations. However, given that the Facebook founder holds 60 percent of the board’s voting power by himself, dissenting shareholders were unlikely to get their way anyway.

Should Mark Zuckerberg Step Down?

Speaking with the BBC, senior vice-president of Trillium Asset Management Jonas Kron expressed concern over Zuckerberg leading two full-time positions. Given that Facebook is one of the world’s largest companies, Kron suggested that Zuckerberg cede his position at the board to another individual. He also pointed out that Larry Page of Google and Bill Gates of Microsoft both left the board position to an individual better equipped for the task. Trillium Asset Management is a major shareholder of the company, with approximately $7 million worth of Facebook stock to its name.

Facebook’s Privacy Problems

While Facebook is generally referred to as a social networking behemoth, it is no secret that the company has also forayed into new markets and segments over the past decade. Its acquisitions of WhatsApp and Instagram allowed it to gain a stronger foothold in the communication and social media spaces, while the purchases of Oculus VR and drone maker Ascentra helped diversify the company’s revenue sources considerably. In 2015, the company announced a new monetization strategy for its Messenger chat application in the form of person-to-person payments. Since then, however, the company has found itself caught in a myriad of scandals and public outrage over everything from data leaks to privacy breaches. Last year, the United States Congress summoned Zuckerberg for a testimony shortly after the Cambridge Analytica controversy revealed that 74 million Facebook users had their personal information leaked.

Facebook and GlobalCoin

Facebook plans on leveraging cryptocurrency and blockchain technologies to develop a new stablecoin for its Messenger and WhatsApp user bases. Called GlobalCoin, the currency will apparently be formally rolled out in 2020. Over the past months, Facebook has silently sought new hires with blockchain experience and even acquired Chainspace, a company specializing in distributed ledger technology, smart contracts, and payments. Given that Facebook is already subject to mounting regulatory and public scrutiny, it is unlikely that the launch of a native currency will be free of controversy. If anything, the debate surrounding privacy and user data security at Facebook will only intensify. Do you think the controversial nature of Facebook’s cryptocurrency will help push digital assets such as Bitcoin (BTC) into the mainstream? Let us know your thoughts in the comments below.