Does Mark Zuckerberg Own Too Much Meta?
Also lawyers get paid, shadow trading, private equity recruiting, AI in ESG and Twitter pays its bills.
Programming note: Money Stuff will be off tomorrow, back on Monday.
The most interesting theoretical problem in corporate governance today is, if you are the chief executive officer of a public company, should you try to maximize the value of your company’s stock, or should you try to maximize the value of your stockholders’ portfolios? I guess you could do other things too, but the popular model these days is that your job is to maximize shareholder value. One way to maximize value for your shareholders — the traditional way — is to make your company’s stock go up. The other way to maximize value for your shareholders — the modern-portfolio-theory way — is to make all of the other stocks that your shareholders also own go up.