- Business notebook: Cape salon picked as one of nation's top 200 (4/17/17)
- Man out on bond for alleged molestation of boys charged with abusing girl (4/18/17)
- Cape Girardeau County: Pilot House in Cape Girardeau is home to high quality ingredients, familiar faces (4/14/17)3
- New policy for semissourian.com online commentary: No pseudonyms (4/17/17)57
- Without city record, Marie Street residents on hook for thousands in sewer repairs (4/19/17)7
- Going the distance: Several locals participate in Boston Marathon (4/18/17)2
- Oran man jailed on statutory rape, burglary, other charges (4/16/17)
- 2 shot; 1 dead, 1 in custody in Cape shooting (4/16/17)4
- Bollinger County: Bonnie’s Moo Cow Cafe in Patton, Missouri, dishes out Southern classics (4/14/17)
- City wants to put hold on shipping container houses for now (4/17/17)1
Facebook creates dual-class stock structure to maintain control
NEW YORK -- Facebook has created a dual-class stock structure designed to give founder Mark Zuckerberg and other existing shareholders control over the company.
The social network said Tuesday it had no plans to go public "at this time."
But the move may well be seen as laying the groundwork for it.
The dual-class structure is what Google Inc.'s founders, Larry Page and Sergey Brin, created to keep voting control over that company before it went public in 2004. Google's Class B shares, owned by Page, Brin, CEO Eric Schmidt and some directors, hold 10 times the voting power as its regular, Class A stock.
In a statement, Facebook said the company introduced the stock structure because its existing shareholders wanted to keep control when voting on issues it faces.
Facebook's chief operating officer, Sheryl Sandberg, hails from Google and was at that company when it went public. Facebook, which is based in Palo Alto, Calif., has lured in other former Google employees as well.
Facebook has raised more than $600 million from investors since it was founded more than five years ago. Its most recent infusion came this spring from Russian Internet investor Digital Sky Technologies, which invested $200 million in exchange for a 2 percent stake in the company, valuing Facebook at $10 billion.