Accel’s Breyer Says Facebook’s CEO Likely to Keep Control
“Mark has always and likely always will control the board and the ownership, and that’s just fine,” Breyer said yesterday at the AlwaysOn Venture Summit in Half Moon Bay, California. Breyer said that about one-third of the companies backed by Accel are similarly founder-controlled.
Zuckerberg, the 28-year-old founder of Facebook, has 56.9 percent control of voting power, according to the Menlo Park, California-based company’s initial public offering prospectus. Zuckerberg said in September that he won’t start selling any of his 444 million shares of Class B stock for at least a year. Accel, which first backed Facebook in 2005, has sold more than half of the 201.4 million shares it owned before the IPO.
Facebook has dropped 26 percent since the IPO on concern about how quickly it can make money from the growing portion of its more than 1 billion users who access the service on smartphones and tablets.
As for Accel, Breyer said the firm, based in Palo Alto, California, will invest more than half its money outside the U.S. over the next five to 10 years. Accel has partners in China, India and London and is making a “big bet on the rise of the middle class worldwide,” Breyer said.
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