A NY pension boss who invests money for the pension funds of NY cops and firemen is calling for Zuckerberg to step down and be replaced by an independent chairman. One with more experience and much more ethics. The privacy scandal hit right about the time that viewership has been crashing and no wonder. Since on average only 5% of followers to conservative pages get to see articles in their news feed, it’s only natural that people aren’t engaging as much as they used to. When you tick off 50% of your users, it can’t be good.
Though New York City’s pension fund – which has about $1 billion invested in Facebook stock – doesn’t have the clout to unilaterally push for change, Stringer said he’s pushing for a shakeup on the company’s board of directors. Specifically, Stringer wants Facebook CEO Mark Zuckerberg to relinquish his role as chairman, and hand the position over to an “independent” advisor.
“I think this is a wake-up call. This is a company that lost $50 billion after this scandal broke that’s not an insignificant amount of money even for Mark Zuckerberg – the value of the company has gone down and my job is to represent the firefighters, teachers, police officers, the people for whom we invest on their behalf. We thinkthere needs to be more independent board oversight I think there needs to be an independent chairman of the board .”
Federal investigators are now looking into the privacy breach. Cambridge Analytics was able to get information on tens of millions of Facebook users and the feds want to know how that is possible. Democrats want to investigate 2016 even though they don’t want to investigate 2012 when they actively worked with the Obama Obama campaign to do the very same thing.
Facebook and Mark Zuckerberg are both in trouble.