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[–] 2 points 5 hours ago (1 child)

Saw this and thought well of him for half a second until the real story came across my feed - that he was throwing a fit threatening to move out of California until the board agreed to basically pay him sufficiently more (in non-voting shares he can immediately sell) to cover it.

Eat the rich. Slow roasted... ideally starting while they're still breathing.

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  • [–] 1 point 11 minutes ago

    It doesn't say they are paying him more, just that they are structuring things in a way he can sell stock but keep his control. A relevant excerpt from Meta's investor update (bold mine):

    Meta intends to file an amended and restated certificate of incorporation in Delaware to establish the Class C [non-voting] common stock, with an effective date of January 19, 2027. The Board has also declared a one-time stock dividend of one share of Class C common stock for each outstanding share of Class A common stock and Class B common stock, contingent upon, and to be paid after, the effectiveness of the amended and restated certificate of incorporation.

    If I understand correctly, each existing share is effectively split into a voting share and a non-voting share (which the market will price, probably each at around half the original value). Google did this in 2014, and GOOGL (voting) shares are worth about 2% more than GOOG (non-voting) shares.

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