- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Despite the implications of the proposed changes, Facebook still wanted members’ feedback. Last week, the Social Network announced that it was asking for user comments on the proposal to take away members’ rights to vote on these kinds of changes. As CNN reported on Tuesday, if 7,000 comments are received by Wednesday “then Facebook, by its own rules, will hold a referendum on the topic.” So far, 12,000 comments have been received.
CHEAT SHEET Analysis: Does A-Level Management Run Facebook?
One of the core components of our CHEAT SHEET Investing Framework identifies whether a company has a CEO who has a firm positive or negative reputation. In this case, Zuckerberg has drawn the ire of privacy groups as he has on numerous occasions. In April, the company settled privacy charges with the U.S. Federal Trade Commission that accused Facebook of deceiving its users by forcing them to share more personal information then they intended. Under this settlement, the company is required to get user consent for certain privacy changes.
However, under the current system 30 percent of users must vote to overturn the proposal, and based on recent history, it is highly unlikely that 300 million people will vote. In the most recent of Facebook’s two votes, held in June, only 342,632 people voted.
Don’t Miss: Facebook Rouses the Troops in iOS-Android War.
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.