Mark Zuckerberg Doesn't Care About Your Petty Shareholder Value

Here's a piece about what Facebook can do to justify its high valuation while Christopher Mims is a bit skeptical that Facebook can ever be a profit engine. But the thing you really need to keep in mind when thinking about Facebook's business strategy is that Mark Zuckerberg doesn't need to care what you think. Facebook is his. All his. Everyone else is just along for the ride. Separation of ownership and control is integral to the operation of modern financial capitalism, but typically the CEO works for the shareholders, at least in principle. With Facebook that's not the case. As I wrote at the time of the IPO, Facebook is entirely Zuckerberg's. Or, rather, because there are two classes of shares, Zuckerberg controls 57 percent of the votes. That's all the votes you need. And any time any non-Zuckerberg owner of class B sells shares (and why not sell, since Zuckerberg controls the whol...