The way Facebook structures its shareholders' vote is unfair and makes it look like the social media giant went public so its insiders could get rich, shareholder Julie Goodridge said Thursday.
Those insiders, like CEO Mark Zuckerberg, co-founder Eduardo Saverin and investor Marc Andreessen, own Class B shares. That means they get 10 votes per share. Regular investors, on the other hand, own Class A stock and get one vote per share.
SEC filings indicate Class B stockholders control about 74 percent of the voting power.
"Quite truthfully it just makes it look like, what I think is probably true ... Facebook going public was just a liquidity … matter. It was a way to make all of the insiders phenomenally wealthy overnight," the NorthStar Asset Management CEO said in an interview with CNBC's "Closing Bell."
That was evidenced by the fact that they sold $4 billion in shares after Facebook's market debut, she added.