Mark Zuckerberg Lives Dangerously – Bloomberg

“Is jiu-jitsu securities fraud,” I asked in this column a few months ago, because that is kind of my schtick. Specifically, Mark Zuckerberg, the chief executive officer of Meta Platforms Inc., likes to do mixed martial arts, and he occasionally gets injured doing so. If he got badly injured, that might be bad for Meta’s stock price. If that were to happen, under the theory of “everything is securities fraud,” some Meta shareholders might sue the company, claiming that this risk was not sufficiently disclosed.

Again, this is my schtick, but I didn’t mean it all that seriously in this case. “I can’t really imagine Meta getting sued for this if Zuckerberg gets a concussion,” I wrote….

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Well, Meta filed its 2023 annual report on Form 10-K last Friday and guess what:

We currently depend on the continued services and performance of our key personnel, including Mark Zuckerberg. Mr. Zuckerberg and certain other members of management participate in various high-risk activities, such as combat sports, extreme sports, and recreational aviation, which carry the risk of serious injury and death. If Mr. Zuckerberg were to become unavailable for any reason, there could be a material adverse impact on our operations.

Source: Mark Zuckerberg Lives Dangerously – Bloomberg