Investors want to dethrone Zuckerberg after billion-dollar stock market crash.

Sputnik Brazil - A group that owns $11 million worth of Facebook stock is pointing to "mismanagement" of several crises in an attempt to remove Mark Zuckerberg from the chairmanship of the company's board of shareholders.

Trillium Asset Management has submitted a proposal to oust Facebook founder Mark Zuckerberg as chairman of the board, according to Business Insider. The investment group, which holds $11 million worth of shares, stated that shareholders cannot control the entrepreneur, as he is currently the company's chairman and CEO and holds 60% of the voting power. Neither Zuckerberg nor the company have confirmed the report.

According to the investor, only an independent chairman would provide the "clearest separation of power between the CEO and the rest of the board" and allow the latter to effectively monitor their management.

"A CEO who also acts as chairman can exert undue influence on the board and its agenda, weakening management oversight," the proposal states.

The investor blames Facebook for "losing, or mishandling, a series of serious controversies, increasing risk exposure and costs for shareholders" due to the lack of an independent board. According to the statement, this list includes the Cambridge Analytica scandal, in which the data of 87 million users was leaked, as well as measures considered inconsistent in combating fake news.

Facebook's independent investors have already tried to oust Zuckerberg as chairman. Although 51% of these shareholders voted in favor of the move, they were unable to remove Zuckerberg, who holds Class B shares and the majority of the voting power.

The recent rebellion came shortly after Facebook's 19% drop in early trading on July 26, a loss of nearly $120 billion in its market value. The drop occurred a day after the company revealed that user growth had slowed following the Cambridge Analytica scandal.