The Facebook board was terrified Mark Zuckerberg would ditch the company for public office


When Facebook changed its stock structure earlier this year, the legal filings contained one very interesting clause. A line in the SEC filing, first spotted by Forbes, allowed Zuckerberg to retain control of the company without remaining as CEO, provided he left the company for public office. In a filing full of legal jargon, it raised eyebrows: was Zuckerberg getting ready to run for president?

The broad strokes of the agreement were simple enough: Zuckerberg wanted to sell massive quantities of Facebook stock to fund the Chan-Zuckerberg Initiative, but he didn’t want to lose any of his voting power as Facebook’s primary shareholder. As long as Zuckerberg stayed as Facebook CEO, investors were happy to oblige, but a new lawsuit shows…

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