Why Zuckerberg Stands As CEO of Facebook, After Creating It Together With 4 Others
Culled By Blogger from Emlii Blog (goo.gl/Un8iQU) and WikiPedia
Facebook was founded on February 4, 2004 by Mark Zuckerberg with his college roommates and fellow Harvard University students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes.
Originally called thefacebook.com, it was intended as an exclusive online directory of all Harvard's students to help residential students identify members of other residences.
In June 2004, Zuckerberg, Hughes and Moskovitz took a year off from Harvard and moved Facebook's base of operations to Palo Alto, California, and hired eight employees.
The founders had initially limited the website's membership to Harvard students, but later expanded it to colleges in the Boston area, the Ivy League, and Stanford University It gradually added support for students at various other universities before it opened to high-school students, and eventually to anyone aged 13 and over.
So what happened to the other four co-founders of this greatest social networking revolution? Where are the other 4 FaceBook musketeers?
Why are they not as visible as Zuckerberg?
Kareem's Pick digs a little deep to unveil the other 4 brains behind Facebook.
In what was seen by some as a move to avoid U.S. taxes, Saverin renounced his U.S. citizenship in September 2011. According to Saverin, he renounced his citizenship because of his "interest in working and living in Singapore" where he has been since 2009. He avoided an estimated $700 million in capital gains taxes; this generated some media attention and controversy. Saverin denies that he left the U.S. to avoid paying taxes.
Andrew McCollum, a graphic designer is globally recognized as an American based co-founder of greatest social app Facebook as well as worked as an angel investor, amassing net worth of $22 million US dollars as of 2017.
WIkipedia said he worked with famous celebrity of Facebook i.e. Mark Zuckerberg and he served for Facebook during 2004 till 2006. He too amassed his wealth by being a co-founder of JobSpice as well as he is Entrepreneur in Residence at New Enterprise Associates and also in Flybridge Capital Parners.
Andrew Mccollum is the man responsible behind the greatest social media app that we use i.e. Facebook, as he is its co-founder. Being intelligent in computer programming, he developed many apps till date.
Dustin Aaron Moskovitz (/ˈmɑːskəvɪts/; born May 22, 1984) is an American Internet entrepreneur who co-founded Facebook with Mark Zuckerberg, Eduardo Saverin, Andrew McCollum and Chris Hughes. In 2008, he left Facebook to co-found Asana with Justin Rosenstein.
In March 2011, Forbes reported Moskovitz to be the youngest self-made billionaire in history, on the basis of his 2.34% share in Facebook. His Net worth: 14.4 billion USD.
Chris Hughes grew up in Hickory, North Carolina, as the only child of Arlen "Ray" Hughes, a paper salesman, and Brenda Hughes, a mathematics teacher.
During his freshman year at Harvard in 2002, Hughes met and was recruited by Zuckerberg, who at the time was still working in the early stages of Facebook. For the next two years, Hughes was unofficially responsible for beta testing and product suggestions. When the group had the idea to open Facebook to other schools, Hughes argued that schools should have their own networks to maintain the intimacy feel. He was also a key driver in developing many of Facebook’s popular features, which led to the opening of Facebook to the outside world. As a result of that, Hughes became the de facto Facebook spokesperson.
In 2004, Hughes, Zuckerberg and Moskovitz travelled to Palo Alto during their summer break. After the summer break, while Zuckerberg and Moskovitz decided to remain in Palo Alto, Hughes decided to return to Harvard to continue his studies.
In 2006, he graduated magna cum laude from Harvard University with a Bachelor of Arts in history and literature. He then relocated to Palo Alto to rejoin Zuckerberg and Moskovitz and became involved in Facebook again.
In March 2009, Hughes was named Entrepreneur in Residence at General Catalyst, a Cambridge, Massachusetts, venture-capital firm.
He was the executive director of Jumo, a non-profit social network organization which he founded in 2010, which "aims to help people find ways to help the world". In July 2010, UNAIDS (Joint United Nations Programme on HIV/AIDS) appointed him to a 17-member "High Level Commission" of renowned politicians, business leaders, human rights activists, and scientists tasked with spearheading a "social and political action campaign over the coming year aimed at galvanizing support for effective HIV prevention programmes."
If Facebook was founded by five persons, then how did Mark Zuckerberg became the only visible sole owner of the Social Network?
Ben Parr, the Co-founder of DominateFund gives an explanation as to how Mr. Zuckerberg becomes the CEO of FaceBook.
Shareholders are the owners of any C-corporation, which all public companies and almost all venture-backed companies are. These shares are owned by founders, investors, employees, advisors, and others, depending on the age, history and trajectory of the company. It's different for everyone.
In Facebook's case, it's a public company, so thousands or millions of individuals, mutual funds, financial institutions, employees and more own shares of the company. They are all owners.
Zuckerberg has the most shares -- somewhere in the 20-30% range, making him the largest single owner. But because Facebook has two classes of shares, one of which has outsized voting rights, he has exponential voting control -- over 50.1% of the vote, effectively making him the controlling owner in all decisions.