Mark Zuckerberg is all set to consolidate his control over Facebook following the institution of a new class of shares. The social network company proposed a new class of stock, which will be known as C shares. These shares will have no voting power attached to them.

Facebook currently has A and B class shares. A class share come with one vote per share while B class shares have 10 votes attached to each.

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Such moves are not unheard of in Silicon Valley, where founders are less than willing to dilute their control over their companies. In 2012, Google also created a third class of shares to preserve its founders' voting rights.

A statement released by Facebook stated, "This proposal is designed to create a capital structure that will, among other things, allow us to remain focused on Mr. Zuckerberg's long-term vision for our company and encourage Mr. Zuckerberg to remain in an active leadership role at Facebook."

Such capital structure allows the founders to focus on long term vision. It also lets them make drastic decisions without worrying about dissenting views.

The move also chimes well with Mark Zuckerberg's plan to give away 99 percent of his and his wife's shares charitable purposes. Such disbursal may have led to Zuckerberg's voting rights falling below 50 percent, but the new class of shares will allow him to retain 60 percent of voting power.

Facebook recently announced its upbeat quarterly numbers. Its revenue for the first quarter increased to $5.3 billion, up 52 percent from previous year figures. Its earnings per share at 77 cents beat Wall Street estimates of 62 cents per share.

TagsMark Zuckerberg, Facebook, C Class Shares, Google