Facebook CEO Mark Zuckerberg’s net worth has fallen more than $16 billion after the company was reported weaker-than-expected second-quarter results and issued guidance that its financial future isn’t as rosy as some investors thought it might be.
However, set against this backdrop, one activist investor wants Zuckerberg out as the firm’s chairman. You could imagine what the could do to the company.
Zuckerberg recently sparked outrage when he described Facebook’s handling of content from Holocaust deniers on the social network. He subsequently backtracked on his comments.
Fake news remains an ongoing struggle for the social media giant. Earlier this week, the company was slammed by the parents of a Sandy Hook massacre victim for the hoax claims that emergedon the platform.
Facebook has also been sucked into the probe into alleged Russian meddling in the 2016 presidential election.
The extent of the fallout from the Cambridge Analytica scandal and the new European privacy law, known as General Data Protection Regulation (GDPR), is not yet clear. In the U.S. and Canada, Facebook’s daily active users remained flat sequentially at 185 million, while the number actually fell in Europe, falling to 279 million, down from 282 million.
Citing the company’s “mishandling” of a number of crises, one activist investor has filed a proposal that Zuckerberg be removed as the company’s chairman, Fortune reports.