Mark Zuckerberg ended his Wednesday significantly less wealthy than when it started.
Plunging Facebook shares will cause Zuckerberg to lose over $16 billion if sustained through the Thursday close, according to Money magazine. Facebook’s shares fell 18 percent in midday trading on Thursday, the Wall Street Journal reported.
The financial losses come amid news that a Facebook shareholder, Trillium Asset Management, wants to see Zuckerberg removed as chairman of the company that originated in his college dorm in 2004.
Trillium, which has an $11 million stake in Facebook, submitted a proposal later arguing that Zuckerberg should not be both chair and CEO.
Jonas Kron, the senior vice president of Trillium, tells PEOPLE, “We filed it because we think separating the chair and CEO is basic good governance but particularly for Facebook at this time. Google, Microsoft, Apple, Oracle, Twitter all have separate CEO and chair roles.”
However, Kron adds, “We filed the shareholder proposal with our eyes wide open to the fact that Mark Zuckerberg controls 60 percent of the vote.”
Kron says Trillium’s proposal was actually submitted on June 29, though the shares dip brought it into the spotlight.
“Our interest in filing the proposal in some ways is not unlike the general reaction among investors,” says Kron. “It’s the cumulative weight of all these different issues. It’s the Russian meddling in the elections, it’s the sharing of personal data of 87 million users with Cambridge Analytica, data sharing with device manufactures.”