Facebook faced shareholders disapproval over the companys stock condition at the first annual general meeting yesterday. Mark Zuckerberg, the CEO of the social networking site tried to calm the concerns of the shareholders but was pressed for answers why the companys stock price is down 40% till it first when public.
“I invested blindly and today I’m under water,” said one shareholder who made a “huge investment” in Facebook to pay for his son’s education cited by Financial Times.
The CEO explained his plans to revive share price as the transition is already happening. Facebook has been working on re-imaging the company from desktop first to mobile first.
The stock of the site was priced at $38 when the company went public in May 2012, and hit $17 only few months ago. Now shares are trading at about $24. Facebook cant control the stock price but is focused on developing the best products to create more shareholder value, Zuckerberg said.
The young CEO presented 3 step strategy that his company would follow in order to improve stock performance. First, Facebook is focusing on building mobile apps and experiences. Also, it should work on making sure the company complies with as many as possible mobile apps and services. And last but not least, the company needs to increase revenue in order to be capable realizing new innovative ideas.
“We dont think we are going to be only company in space, but we want to be the company building the best product,” Zuckerberg cited by CNBC. “We think we are building a network that is the most valuable in the world.”
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