Originally Posted by Rachel_Ambler
Naivety much? He owns 57% of the company. The board are a bunch of sheeple when faced with his domineering force.
Now, the market is a totally different story.
Not sure if you could classify spending $1Bn as a 'silly thing'.
So what? Owning 57% does not give him the freedom to do anything he wants to do. He is not spending his cash; he must also be mindful of the other shareholders who might not like what MZ did.
Especially when it comes to spending a billion dollars in secret.
Perhaps the board will bend to Mark's will. So what? The board also bends to the will of the stockholders and I am not sure they are all that pleased these days. That said, it might be possible the board either cannot or will not do anything about it, anyway. Not so sure the stockholders will not sue.
This will likely end up in court. Shareholders can bring a law suit, after all. Not saying they will prevail.
Lots of bad things we never read about happen every day. Like CEOs giving themselves raises or like the case of Zuckerberg, spending a ton of cash behind closed doors.
I think someone is headed to court, eventually.