Time will tell if Mark Zuckerberg of Facebook would suffer the same fate as that of Tesla's Elon Musk when recent news surfaced citing several public funds with holdings in the popular social media site are campaigning for the removal of Zuckerberg as chairman of the network company's board of directors.
According to Reuters, four major US public funds are now vying to gain support from larger asset managers to boot the 34-year-old out from the executive committee.
As indicated by the news agency, the interested parties include state treasurers from Rhode Island, Pennsylvania, and Illinois. New York City's Comptroller Scott Stringer spearheaded the filing of the ousting proposal with the original filer, Trillium Asset Management.
In a statement cited over at Deadline, the committee said that this decision is necessary for the company to move past beyond the mess it is currently mired in as well as to re-establish the trust of the public, especially its users.
The official joint announcement pointed out Facebook's critical role not only in today's society but of the global economy. It is the responsibility of the network and the company to uphold transparency of its social and financial aspects.
The proposal, which sought to implement greater accountability and improvement in organizational governance, aimed for Facebook's leadership to follow on its commitment to address risks, whether reputational or regulatory, as well as that of the American democracy.
Early Attempts
According to the Telegraph, June of this year, the Boston-based Trillium Asset Management (TAM) firm launched its own proposal to split the role of chairman and chief executive following the horde of scandals linked to the company.
Among the latest issues include the hacking of personal data from Facebook's millions of users as well as the proliferation of illicit political propaganda and election-rigging. TAM holds a total of $11 million in Facebook shares.
On July, a certain James Kacouris filed a legal complaint against Zuckerberg and the social media platform for misleading the public while at the same time, failing to disclose data revealing the data's slowing revenue growth, a previous report from Business Times said.
This latest legal debacle Facebook and Zuckerberg are facing connects to the tech firm's attempt to mislead its advertisers by inflating the viewing figures of the videos found on its site.
Because of this, a group of US advertisers launched on Tuesday, a fraud claim against Facebook. The filing revealed how the website overstated reports of average viewing time on its advertising videos.
