Meta宣布计划引入新的无投票权股票，这表明该公司可能会严重依赖增发新股来为其AI建设提供资金。
Meta plans to introduce new non-voting stock, the company announced, which suggests it’s likely to lean heavily on new share sales to fund its AI buildout.
《Semafor》此前报道的这一计划将允许该公司发行新股——用于收购、吸引顶尖AI人才以及支付芯片费用——同时不会稀释马克·扎克伯格的控制权。
The plan, earlier reported by Semafor, will allow the company to issue new stock — for acquisitions, to lure top AI talent, and to pay for chips — without diluting Mark Zuckerberg’s control.
Alphabet在2014年采取了类似举措，执行了1拆2的股票拆分，在超级投票权股票之外引入了无投票权股票，使联合创始人拉里·佩奇和谢尔盖·布林的合计控制权保持在略高于50%。这使该公司更容易在今年早些时候发行850亿美元新股，为AI投资提供资金；其中一半新股没有投票权。
Alphabet made a similar move in 2014, executing a 2-for-1 stock split that introduced non-voting shares alongside super-voting shares, which allowed the combined control of co-founders Larry Page and Sergey Brin to remain at just over 50%. That made it easier for the company to issue $85 billion of new stock earlier this year to pay for AI investments; half of the new shares carry no voting rights.
大型科技公司历来能够通过在市场上回购股票来抵消其发行的新股。但随着其AI投资成本不断攀升，它们已暂停股票回购，如今发现自己成了股票的净发行方，这有可能稀释内部人士的持股比例。
Big tech companies have historically been able to balance out the new stock they issue by buying back shares in the market. But they have paused stock repurchases as the cost of their AI investments mount, and now find themselves as net issuers of shares, which risks diluting insiders’ stakes.