Zuckerberg controls about 60% of Facebook's voting shares, so the proposed change would represent only a limited check on his power, notes Trillium in a new shareholder proposal submitted on June 29 that would be voted on during the 2019 annual meeting.
At least 16 brokerages cut their price targets on Facebook after managers said the cost of improving privacy safeguards, as well as slowing usage in the biggest advertising markets, would hit the company's profit margins for more than two years.
The social media giant late on Wednesday reported 2.23 billion monthly active users (MAUs) - an increase of 11 per cent (year-over-year) which was its slowest growth in more than two years. It was among the biggest one-day losses of market value in USA stock market history.
The company lost about $119 billion in market value as its stock value dropped: It had been trading at $217.50 a share on Wednesday before the earnings report was released, but was down to $176.26 on Thursday, according to CNN.
Shares in Alphabet closed up 0.7 per cent, while those in Apple fell 0.3 per cent and Netflix closed barely higher. At that point, the stock was still recovering from an earlier battering over a major privacy scandal.
Facebook attributed the weaker outlook to unfavorable currency conditions, investments in new products and bolstered privacy tools that may put the brakes on breakneck revenue growth.
Many had come to consider Facebook nearly immune to image problems, especially after the most recent scandal involving the British company Cambridge Analytica.
Shares closed down nearly 19 percent, at $176.26. That goes for fake news, foreign interference in elections, and hate speech, as well as developers and data privacy.
Amazon’s Posts Third Consecutive Quarter Of Billion-Plus Profits
Amazon's results reveal the degree to which it has benefited from selling products unrelated to its original e-commerce business. Bezos owns the Washington Post, which frequently publishes hard-hitting investigative pieces about Trump and his administration.
YouTube yanks Alex Jones videos
Jones compared the creators of the series to Satanists, criticized them for appealing to children, and warned of divine judgement. Nearly half were deleted within two hours of being uploaded, and 70 per cent were taken down within eight hours.
Einstein theory passes black hole test
This showed the star's orbital velocity increasing to more than 25 million kph (15.5 million mph) as it approached the black hole. Here, the star moved at a speed in excess of 25 million kilometres per hour - nearly three percent of the speed of light.
At times, it has seemed as though Facebook can't quite decide where its values really lie. The report said the social media site's user base and earnings had not grown as much as expected. Analysts projected $13.3 billion.
In the USA and Canada, Facebook's daily active users remained flat sequentially at 185 million, while the number actually fell in Europe, falling to 279 million, down from 282 million.
As many as 87 million unwitting users may have had their information taken; Cambridge Analytica, however, says it licensed data for no more than 30 million people.
Facebook ad revenue also grew 42 percent year-over-year.
The company reported net income of US$5.11 billion, or US$1.74 a share, compared with analysts' average estimate of US$1.71 a share, according to data compiled by Bloomberg.
Facebook topped second-quarter earnings expectations on Thursday while revenue fell short.
Facebook is now down 3.2% this year. They could similarly disadvantage smaller, lesser known companies that don't have the resources to comply and which could face big fines if they don't.
One bright spot for Facebook has been Instagram, the photo-sharing app it bought for $1 billion in 2012.