Facebook Inc (FB) Expected To Nix Voting

Facebook Inc (NASDAQ:FB) will likely choose to remove users’ ability to vote on future changes to the site’s governance. This comes after 88 percent of those who voted in the social media giant’s week-long voting session were against losing their right to vote. The other major change included in this round was the integration of Instagram information into users’ Facebook timelines, generally for the purpose of targeting future Instagram advertising.

Facebook Inc (FB) Expected To Nix Voting

Facebook Inc (NASDAQ:FB) opened voting on the changes a week ago and closed it today, with this vote being the most popular one in the social media giant’s history. TechCrunch reports that 588,803 Facebook Inc (NASDAQ:FB) users voted against the changes, while fewer than 80,000 voted in favor of them. However, less than 1 percent of Facebook’s 1 billion users voted. In order for the majority vote against this recent round of changes to be binding, at least 30 percent of the site’s users were required to vote. That means at least 300 million people had to cast their ballots.

Of course, it certainly seems highly unlikely that 300 million people will make their opinion known on something like a vote on Facebook, so it’s clear that Facebook has outgrown the requirement for 30 percent of its users to vote on site changes. Instead of this voting system, with impossible requirements for users who want to block future site governance changes, Facebook proposes asking for more specific feedback on proposed changes to the governance of the site.

Although it is expected that Facebook Inc (NASDAQ:FB) will indeed move forward with the proposed changes to the voting system, they are still subject to a review by an independent auditing firm, which may take the large opposition to the changes into account.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)

About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at [email protected]

Be the first to comment on "Facebook Inc (FB) Expected To Nix Voting"

Leave a comment