- Longtime downtown Cape bartender Marcellus Jones remembered by friends (6/12/18)2
- Stormy Daniels to visit East Cape Girardeau (6/13/18)20
- Peter Kinder resigns federal agency post, concludes position unnecessary and waste of tax dollars (6/16/18)2
- Singer Neal Boyd dies after struggle with health issues (6/12/18)1
- Cape man charged with stabbing, killing dog for revenge (6/8/18)9
- Feeding deer in Bollinger, Cape and Perry counties prohibited soon to help curb spread of CWD (6/13/18)7
- Couple charged in beating death at Brick's (6/13/18)
- 'All Nite Skate' filming in Jackson this weekend (6/8/18)
- New Zaxby's restaurant open in Cape (6/13/18)3
- New urban dance studio opens on Broadway (6/15/18)2
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.