Facebook shares rise as angry shareholders vent their disappointment at AGM

Facebook shares close higher despite shareholders sharing their unrest at the 2018 AGM.

Facebook shares rise as angry shareholders vent their disappointment at AGM

Facebook shares closed higher in the US Thursday as the social media platform’s AGM vote resulted in CEO Mark Zuckerberg retaining his authority, with the proposed directors all being voted in. However, shareholders made clear their upset with the tech giant’s policies and content.

Facebook shares ended 2.19% higher at $191.78, in the US Thursday. The stock is also a little higher in out-of-hours trading.

Unhappy Facebook shareholders

While the AGM shareholder vote saw Facebook’s proposed directors retain or gain their position, shareholders didn’t hold back from sharing their views on the tech firm’s policies, content and governance.

The webcast of the AGM showed a number of shareholders asking key questions, throughout the Q&A.

“If privacy is a human right, as stated by Microsoft’s CEO, then we contend that Facebook’s poor stewardship of customer data is tantamount to a human rights violation” said Christine Jantz of Northstar Asset Management.

Hers wasn’t the only anti Facebook governance one.

Amid the clear unhappiness of shareholders, COO Sheryl Sandberg shared a new detail, that the platform would adopt something similar to the ‘Rooney Rule’. Sandberg described it as a “diverse slate approach” requiring managers to employ staff from minority groups when hiring new personnel.

Teens ditch Facebook

Separately from the AGM, a new survey on teen use of social media from Pew, showed that teenagers are continuing their move away from Facebook as their preferred social media platform.

The survey showed that some 85% of teenagers use YouTube, 72% use Instagram, 69% have Snapchat accounts, while 51% say they have a Facebook profile.

And, looking at which platform teens in the survey use most, Snapchat was the winner at 35%, closely followed by YouTube with 32%. Just some 10% of survey respondents said they use Facebook the most.

The survey also shows that teens remain unsure as to the impact of social media. While 31% consider it to be positive, 24% think it has a negative effect.

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