Facebook CEO Mark Zuckerberg may pursue government service while maintaining a majority stake in the company, according to recently unsealed court filings. A class-action suit was filed in late April after Zuckerberg talked about a corporate reshuffle to bring down shareholders’ voting power, giving him more control.
Andreessen referred to it as “biggest Issue”
Text messages cited in the documents that were filed in the court state that Zuckerberg and two board members discussed his probable government service and how to present it to shareholders, according to The Guardian.
In March, venture capitalist Marc Andreessen, a major investor in the company, reportedly texted Zuckerberg saying that the “biggest issue” of corporate personnel was “how to define the gov’t service thing without freaking out shareholders that you are losing commitment.” Andreessen also discussed the matter with two members of the special committee and continued saying that the biggest remaining issue is still related to government service.
He added that former White House Chief of Staff Erskine Bowles, a member of the committee, was also very “uncomfortable” after hearing Zuckerberg’s plan of going on leave with no involvement with the board while retaining control, notes The Guardian.
Andreesen said, “He’s [Bowles] worried it’s the thing people will point to on announcement and say ‘what the f*** are you guys doing agreeing to this.”
Facebook board members were OK with it
In April, the special committee came to the conclusion that Facebook’s board should approve the new system.
Court documents show that Andreessen texted Zuckerberg saying, “The cat is in the bag and the bag is in the river.”
To this, Zuckerberg reportedly asked if the cat is dead.
According to the filing, the proposal stated that Zuckerberg would be able to take a two-year leave from Facebook to pursue a government position or office and retain control of the company at the same time, notes The Guardian.
In April, minority shareholders sued Zuckerberg, accusing him and Andreessen of interfering in the board’s decision unfairly and protecting Zuckerberg. The court has, however, put a stay on Facebook’s plan to restructure its stock system until the lawsuit is resolved.
Zuckerberg’s political ambitions can’t be denied fully. He has good connections among Republicans, Democrats and the Obama administration. Andreessen has been a Facebook investor since shortly after its founding. Earlier this year, Zuckerberg rebuked him for making a comment about India taking a hit from “anti-colonialism.”