Zuckerberg has majority ownership of Facebook shares; he has defacto control of whatever capital Facebook has available to it, whether it's "his" money or not. Was there not discusion that he didn't confer with Facebook's board before completing the Instagram purchase?
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No: majority shareholders of corporations continue to owe fiduciary duty to the minority. This is obviously tangential to the real point, though. Google paid more than 12 SpaceX's for Motorola. Would docking with the ISS help with the Android patent problem?
The directors are fiduciaries. Shareholders aren't fiduciaries and don't owe a duty to other shareholders.
While majority stockholders may not be fiduciaries, googling "duties to minority stockholders" suggests that they have some duties wrt minority stockholders, at least in some cases.
IIUC corporate officers are fiduciaries as well; hence, shareholder lawsuits. As CEO of Facebook, Zuckerburg could be liable for wasting Facebook's money.