Facebook Shareholders Increase Grip on Company’s Share

Emulating one of Google Inc.'s well-known strategies, Facebook executives told reporters that they have established a dual-class stock structure in company’s stock, an action that would increase the voting power of the existing shareholders till they sell their shares through the IPO route.

Facebook, Inc. founder Mark Zuckerberg today told reporters that as part of the plan, Facebook will convert existing holdings to Class B stock, which carry 10 times the voting power of Class A stock.
Facebook has categorically denied that there are any plans to go public at this time, but the founder said that they are introducing the structure "because existing shareholders wanted to maintain control over voting on certain issues" and "focus on the long-term."