Mumbai: A shareholder lawsuit filed in a US court has revealed Facebook co-founder and CEO Mark Zuckerberg wanted to change his stock holding structure in Facebook so that it retained him controlling rights and cleared for him decks to join politics, CNBC reported on Friday.
Among the youngest billionaires, Zuckerberg runs world's largest social network, Facebook. He had approached Facebook shareholders with a 3 for 1 stock split formula a few months ago, the news service reported.
Zuckerberg wanted to dole out 99 per cent of his shareholdings for philanthropic purposes and at the same time retain control over the company.
The shareholders did not approve of new stock holding structure he proposed and subsequently dragged the issue to a law court. The 3 for 1 stock plan has been put on hold pending the result of the lawsuit.
The investors complained in the court filing that the arrangement wasn't pursued fairly and they were not given proper hearing, CNBC reported.
