Angry Investors Vent at Facebook's First Shareholders Meeting

facebook ceo mark zuckerberg shareholders meeting ipo
Justin Sullivan/Getty ImagesFacebook CEO Mark Zuckerberg
By Sreeja VN

CEO Mark Zuckerberg faced a series of angry comments Tuesday at Facebook's first shareholders meeting, as investors lined up to question the social-networking site's dismal performance in the stock market.

The shareholders who attended their first meeting since Facebook's (FB) initial public offering in May 2012, sought clarification on how the company is going to protect their investments.

Zuckerberg defended Facebook's current strategy and said he believed the company is on the right track toward long-term success.

"Nothing has made me really think that the fundamental strategy is wrong or that what we're building isn't valuable," Zuckerberg said, according to a Reuters report, adding that the company was disappointed with its performance on Wall Street.
Sponsored Links

"We understand that a lot of people are disappointed in the performance of the stock, and we really are, too," Zuckerberg said in a statement before taking questions from investors, USA Today reported.

Several Facebook shareholders, worried about losing their money, vented their frustration at the slumping stock price at the meeting held at a hotel in Millbrae, Calif., 18 miles northwest of the company's Menlo Park headquarters.

Facebook's shares touched a low of $17.55 last September after its much-hyped initial public offering at $38 a share. The company's shares began immediately falling after the public listing, and have failed to touch the offer price ever since.

Despite posting strong earnings in the quarter ended March 2013 -- driven mainly by revenues from its mobile platform -- Facebook's shares have continued to perform poorly. On Tuesday, Facebook stock fell 1.23 percent to close at $24.03, down 37 percent from its initial offer price.

Zuckerberg acknowledged the resentment about the falling stock among shareholders, noting that he has no control over the company's stock price.

"Unfortunately, we don't have control over the share price, particularly in the short term," he said, according to an Agence France-Presse report.

However, he assured the shareholders that the company is working toward strengthening its mobile business to boost revenues.

"As people use our mobile experiences more and more, we'll be able to grow our businesses and build the economic engine around that to continue growing our revenue and profitability going into the future," Zuckerberg told shareholders, USA Today reported.

More from International Business Times

Introducing Facebook's Home
See Gallery
Angry Investors Vent at Facebook's First Shareholders Meeting

On April 4, 2013 Home was introduced as the next version of Facebook.

Home turns an Android phone into a more manageable social experience, rather than a collection of separate apps that can be tedious to navigate through.

Home will be available free from the Google Play Store starting April 12 and will also be pre-installed on phones through the Facebook Home Program.

"From the moment you wake up your phone you become immersed in cover feed. Cover feed replaces the lock screen and home screen. It's a window into what's happening with your friends - friends finishing a bike race, your family sharing a meal or an article about your favorite sports team. These are the beautiful, immersive experiences that you get through Home."


"You might have missed these updates before, but now they're a central part of the Home experience. Since Home is both your lock screen and home screen, the content comes right to you. You can flip through to see more stories, and double tap to like what you see.

Cover feed is for those in-between moments ­like waiting in line at the grocery store or between classes ­when you want to see what's going on in your world."


"With chat heads you can keep chatting with friends even when you're using other apps. When friends send you messages, a chat head appears with your friend's face, so you see exactly who you're chatting with. Messages reach you no matter what you're doing - whether you're checking email, browsing the web, or listening to music.

You can move chat heads around and respond to messages. And since SMS is integrated into Facebook Messenger for Android, chat heads include Facebook messages as well as texts."


"Cover feed is great for seeing everything going on in the world. But when something happens that's more important and directed at you, like a friend posting on your timeline, you'll receive notifications with their profile pictures.

To open notifications, just tap them. And if you don't want to deal with them right now, you can just swipe to hide them and keep flipping through cover feed until you want them back."

- Facebook

"It's as easy to get to your apps in Home as it is on any other phone. Swipe up to see your favorite apps in the launcher. There's also a screen containing all of your apps, and you can drag your favorite apps to the launcher."

- Facebook

Read Full Story
  • DJI29348.1050.460.17%
  • NIKKEI 22524041.26108.130.45%
    Hang Seng29056.42173.380.60%
  • USD (PER EUR)1.110.00000.00%
    USD (PER CHF)1.030.00020.02%
    JPY (PER USD)110.150.00000.00%
    GBP (PER USD)1.300.00000.00%