Elsewhere online
June 21, 2016

Facebook Stock Move Key to Chan-Zuckerberg Project Gets OK

Facebook investors approved a proposal Monday to create a new class of nonvoting shares that will allow CEO Mark Zuckerberg to retain control of the social-media company while plowing much of his stock into a philanthropic venture, Reuters reports. Shareholders who were gathered at the firm’s annual meeting voted in favor of issuing two shares of the new Class C stock for each existing Class A and Class B share per the plan proposed in April by Mr. Zuckerberg and Facebook’s board of directors.

The tech mogul and his wife, Priscilla Chan, pledged in December to plow 99 percent of their Facebook holdings — valuied at the time at about $45 billion — into the Chan Zuckerberg Initiative, a limited-liability company that will make grants and investments to tackle disease, climate change, and other global problems. Mr. Zuckerberg will be able to sell Class C stock to finance the philanthropic project while holding on to his voting shares.