Thread

1. alex1138 · 1790248753 · focus · HN ↗

   Outside basic network effects like real names Facebook has contributed essentially nothing of value to the world. (And no, don't tell me "React, Pytorch". People were screaming about React's license) The network effects barely matter too because their AI bans you whenever and feeds are so useless you never see what anyone posts

   Instagram went from a site for photographers to Reels everywhere (and login walls on every page)

   Zuckerberg is awful. Awful, awful, awful.

   1. oldsklgdfth · 1790249218 · focus · HN ↗

      I sometimes wonder how he's still CEO.

      Other than ad revenue, the company hasn't had any big wins. VR didn't take off. Metaverse didn't take off. AI models didn't take off. All multi-billion dollar ventures. Any other board would have sacked him by now.

      1. chii · 1790250061 · focus · HN ↗

         > wonder how he's still CEO.

         it's because he controls the board by being the majority voting shareholder.

         This is what happens when the gov't decides that it is legal for share classes with different voting rights. It ensures that you can sell equity to obtain money, without actually giving up control of said company at all. In theory, buyers would discount the sold equity due to this, but in practice, they don't (esp. if they're retail buyers).

         1. oldsklgdfth · 1790258250 · focus · HN ↗

            Thanks for clearing that up. One less thing to sort out.

            Interesting consequence.

            EDIT: Initially, this is nuts. How can I give "own" part of a company and not have a say. Sounds like a silent partner scheme. Looks like this a per state thing.

            There is this ruling Business Roundtable v. SEC (1990) that strikes down an SEC rule that prevented corps from going public if they didn't follow "one-share-one-vote".

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