One of the top celebrities in the tech world will be becoming to Delaware.
Facebook co-founder and CEO Mark Zuckerberg is slated to be in Chancery Court on Sept. 26 in a case involving shareholders unhappy about the company’s plan to issue a class of stock that allows him to retain voting control of the company while owning a small percentage of shares.
Shareholders claim that billions of dollars could be lost by shareholders under the plan that is part of Zuckerberg’s strategy of giving away most of his personal wealth during his life.
Shareholders are asking Chancery Court to block the proposed share reclassification.
Stuart Grant of the Wilmington and New York shareholder law firm of Grant & Eisenhofer is expected to cross-examine Zuckerberg.
The case was assigned to Travis Laster, vice chancellor.
After the 26th, the trial will resume in the early part of October and feature Facebook board members
Grant & Eisenhofer represents several large institutional investors as lead plaintiffs, who hold hundreds of millions of dollars in Facebook shares.
The company has been in the news over advertisements reportedly placed by Russian organizations during the election period, with Zuckerberg announcing yesterday that the ads will be turned over to Congressional investigators.
Zuckerberg made the announcement, naturally enough, via Facebook Live and if he had his druthers
Zuckerberg keeps a low profile outside of his Facebook posts, with President Sheryl Sandberg often a more visible representative of the company.
Sandberg has been dealing with another controversy at Facebook that involves its technology being used by groups to target people who expressed an interest in white supremacy or anti-semitism.
