, Columnist
Shareholders, Directors and Traders
Also bank capital, blockchains, nice insider trading, accounting, unicorns etc.
Corporate governance.
There is a social contract at most companies, partly explicit and partly implicit, that defines the roles and rights and duties of shareholders and directors and managers. And then Facebook has a different contract. For instance, at most companies, there's an annual meeting, and shareholders show up and vote on stuff, and if the shareholders are unhappy they can vote for changes, and while those changes aren't necessarily immediately self-executing, everyone has to at least pretend to take them very seriously. But at Facebook, Mark Zuckerberg has enough votes to approve whatever he wants, so the annual meeting is just for ineffectual shouting.