Meta plans non-voting stock to fund AI without diluting Zuckerberg

Meta's plan to create non-voting stock comes as big tech companies have paused stock repurchases amid mounting AI investment costs, leaving them as net issuers of shares and risking dilution of insiders' stakes. The structure echoes Alphabet's 2014 move, when a 2-for-1 stock split introduced non-voting shares alongside super-voting shares and kept co-founders Larry Page and Sergey Brin's combined control at just over 50%. That precedent made it easier for Alphabet to issue $85 billion of new stock earlier this year to pay for AI investments, half of which carry no voting rights. For Meta, the non-voting shares could similarly provide a currency for acquisitions, AI talent, and chips without eroding Mark Zuckerberg's control, a possibility the people familiar with the matter's description suggests the company may lean on heavily.