June 2, 2012- Facebook announced it is allowing its close to 1 billion users to vote on privacy changes. The changes that had been previously announced include new sections that explain how the social media site uses its user’s information. The new updates also include recently added features like Timeline, the new format for profiles.
The voting started on Friday and takes place until the end of next week. Facebook announced the changes in early May, a week prior to its IPO. Its highly anticipated initial public offering did not go off as hoped. It closed it first day just 23 cents higher than the initial $38 per share price. Since then, the stock has dropped another 26% during two weeks of trading.
This is not the first time that Facebook has allowed its users to vote on changes in policy. The first time was back in 2009, but the company was much smaller, with only 200 million users.
Facebook requires that 30% or 270 million users must vote on changes, either in favor of or against to have them become binding. Otherwise, the company just considers the votes to be advisory.