Class C Shares and Facebook

Zuckerberg: The Class C shares will be publicly traded under a new symbol, according to Euro News. Zuckerberg said in December that he intended to put 99 percent of his Facebook shares into a new philanthropy project focussing on human potential and equality. The company plan to issue two Class C shares for each Class A and Class B share held by shareholders, in what is effectively a 3-for-1 stock split, was approved by Facebook shareholders at the company annual general meeting on Monday. The creation of the Class C shares would allow Zuckerberg to sell the non-voting stock, but keep the voting Class A and Class B shares that would let him retain control of Facebook. Facebook announced the plan to create the new class of non-voting shares on April 27. Zuckerberg plans on running Facebook for a very long time , the 32 year-old CEO told shareholders at a Q&A session at the AGM. Shareholders also approved the continued tenure of all the eight board members, including billionaire investor Peter Thiel, who were up for re-election. (news.financializer.com). As reported in the news.