WASHINGTON, D.C. – Public Citizen today joined the #MakeMarkListen campaign, a national effort to mobilize support for corporate governance reforms at Meta ahead of the company’s upcoming annual general meeting on May 24. Public Citizen is leading the movement to put Meta’s dual class stock structure on the chopping block and return power to the company’s shareholders. Cheyenne Hunt-Majer, J.D., a fellow for Public Citizen, released the following statement:
“Big Tech CEOs can’t have their cake and sell it too.
“Mark Zuckerberg relies on Meta’s dual class stock structure to avoid any consequences for his mismanagement and misconduct. Although he owns only about 13% of Meta, Zuckerberg has more voting power than all ordinary shareholders combined, which he then abuses to insulate himself from accountability. Congress must pass the Free-Market Accountability Through Investor Rights (FAIR) Act to require large companies with a history of misconduct to give all their investor shares equal voting rights.
“Big Tech companies are now among the top corporate lobbying spenders in the country, and they are likely to throw everything they have into stopping commonsense measures that would make their platforms safer and healthier. It’s more important than ever for lawmakers and regulators to show their independence by bringing these companies to heel.”