The Facebook Inc (NASDAQ:FB) shareholders who attended the company’s annual meeting on Tuesday were none too happy with how things have been going with their investments. The social network just passed the one-year mark since its initial public offering, which was a fiasco in itself, and the stock is currently about 40 percent lower than its $38 per share IPO.
USA Today’s Scott Martin and Jon Swartz reported on the meeting. They said CEO Mark Zuckerberg cut right to the chase when addressing shareholders, speaking to their concerns about the stock’s performance. He basically said that they weren’t happy with the stock’s performance either.
Nonetheless, shareholders couldn’t have been just too unhappy with his comments because they approved the reelections of Zuckerberg, COO Sheryl Sandberg, Peter Thiel, Marc Andreessen, Netflix, Inc. (NASDAQ:NFLX) CEO Reed Hastings and three other board members. Jim Breyer, a venture capitalist who had been serving on the board, said he would step down.
Facebook Privacy Concerns
In addition to stock price concerns, Zuckerberg also addressed privacy concerns in relation with the National Security Administration (NSA) programs which surfaced recently. It was revealed that the agency was forcing Verizon Communications Inc. (NYSE:VZ) to hand over the phone records of its users.
In reference to Facebook Inc (NASDAQ:FB) specifically, there were concerns about whether the NSA or any other U.S. agency had access to the social network’s servers. Several technology companies had reportedly taken part in the PRISM data mining program, which enabled government agencies to access their servers. Zuckerberg said they provide only “the minimum amount of information required to comply with the law.”
Are Things Turning Around For Facebook?
Facebook Inc (NASDAQ:FB) may finally be heading down the right path after a year as a public company. Analysts have been upgrading the stock, largely because of the company’s shift toward mobile monetization and increasing mobile ad revenue. This next year will be crucial for the social network.
