In September 2017 Mark Zuckerberg abandoned a share reclassification plan that would have cemented his control of Facebook for decades. A new class of stock would have allowed him to sell billions of dollars worth of his existing shares to fund his philanthropy. All this without the risk of the entrepreneur’s voting power falling below 50%. Having it all rather than leaning in? That has always been the problem with the management of the US-based social network. Fourteen months later, Facebook’s share price has dropped a fifth. Zuckerberg’s control of the social network he founded has never been more controversial. The most recent blow-up comes after a report on the group’s response to the fake news and data collection scandals of the past year. The report was damning enough that Zuckerberg and Sheryl Sandberg, his minder and the company president, convened a conference call in an effort to rebut the allegations. Facebook’s board, in a statement, appeared to back the pair. The board,...

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