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Facebook’s Mark Zuckerberg to Testify in November in Investor Suit

  • Judge weighing objecting investors’ $129 million fee request
  • Shareholders declared victory after new shares push dropped
Mark Zuckerberg, chief executive officer and founder of Facebook Inc.

Mark Zuckerberg, chief executive officer and founder of Facebook Inc.

Photographer: Marlene Awaad/Bloomberg
Updated on

Facebook Inc. co-founder Mark Zuckerberg has to explain in court why he dropped a plan to create non-voting shares, which would’ve allowed him to retain control of the world’s largest social-media company after selling most of his stake to fund charitable works.

Delaware Chancery Court Judge Travis Laster ordered Zuckerberg to testify Nov. 19 in a lawsuit brought by investors to recoup legal fees incurred in stopping the plan. Zuckerberg abandoned the push for the new shares last year.