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Meta announces plan to introduce nonvoting shares

Meta's planned stock structure would let it issue shares for acquisitions, AI recruitment and chips without diluting Mark Zuckerberg's control.

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Mark Zuckerberg adjusts thick black glasses with both hands in a close-up portrait.
Mark Zuckerberg, whose voting control is central to Meta's proposed nonvoting share structure.

Meta has announced plans to introduce a new class of nonvoting stock. The announcement points to a potential greater reliance on share sales to finance its AI buildout.

The plan would allow Meta to issue new shares for acquisitions, to attract top AI talent and to pay for chips without diluting Mark Zuckerberg's control. The proposed stock structure therefore separates those fundraising uses from changes in voting control.

Alphabet introduced nonvoting shares alongside super-voting shares through a 2-for-1 stock split in 2014, preserving its co-founders' combined control at just over 50%. That structure made it easier to issue $85 billion in new stock for AI investments earlier this year; half of those new shares carry no voting rights.

Large technology companies historically offset new stock issuance by buying back shares. As AI investment costs have mounted, they have paused repurchases and become net issuers of stock, creating a risk that insiders' stakes will be diluted.