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.

Southpoint Capital likes these stocks [Q1 Letter]

Clint Carlson Far ViewSouthpoint Qualified Fund and Southpoint Qualified Offshore Fund returned 2.5% net for the first quarter, compared to the S&P 500's 6.2% return and the Russell 2000's 12.7% gain. During the first quarter, Southpoint's funds averaged 133% long and 70% short. Q1 2021 hedge fund letters, conferences and more The fund's long positions added 13% gross Read More

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.

No posts to display