Facebook Nixes Plan For New Stock Class Ahead Of Court Fight

Mark Zuckerberg said that Facebook is withdrawing plans to create a new class of stock that would have let him keep tight reins on the social media company even as he sold down his stake to fund his philanthropy.

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Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook. But shareholders sued, arguing the move would give an unfair economic advantage to the company’s founder.