Keep the Power: Lessons From Mark Zuckerberg

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He Kept Not One, But Two, Board Seats

When Sean Parker became president of Facebook in 2004, he was careful to ensure that the young Zuckerberg retained a sizable equity stake in the company. When Facebook took on its first round of financing in 2005, for $13 million, Parker pushed for a high valuation of the company—about $100 million at the time. Perhaps more important, Parker set up the board structure so that Zuckerberg would have two seats, making it tougher for the board to give Zuckerberg a hard time. And when Parker was edged out of the company later that year, he gave his own seat to Zuckerberg.