When a company goes public, the control belonging to the founding parties usually gets watered down. Not so with Facebook. Despite this week's IPO, Mark Zuckerberg will still retain almost full control of Facebook even in light of only owning 28.4 percent of the company.
In fact, Zuckerberg's percentage denotes ownership of Class B shares. Facebook will have a dual-class share structure in which the public can buy shares equaling one vote apiece, while Class B shares are 10 votes a piece. Also, co-founder Dustin Moskovitz and former president Sean Parker have given Zuckerberg voting control over their 30.6 percent, so Mark has majority control.
Additionally, Zuckerberg will solely appoint Facebook's entire board of directors and his consent is required before the company is sold.
Brilliantly, he's managed to take Facebook public, while essentially keeping it privately his.
[via NYTimes]
