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Facebook Scraps New Share Class in Rare Win for Investors

  • Zuckerberg plans more stock sales worth as much as $13 billion
  • CEO also gives up proposal that let him serve in government
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Why Facebook Scrapped Plans to Create New Class of Shares

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Facebook Inc. scrapped plans to create a new class of shares, a rare victory for outside investors in a battle for control of the world’s largest social media company.

The move would have let Chief Executive Officer Mark Zuckerberg keep voting control even while selling almost all his shares to fund philanthropic endeavors. On Friday, only days before he was scheduled to appear in court over the matter, Zuckerberg said he will proceed without the plan.