Facebook CEO Mark Zuckerberg. Photo: Christophe Morin/IP3/Getty Images

Facebook shareholders attending the company’s annual meeting Thursday will be the targets of a campaign urging them to replace CEO Mark Zuckerberg, who also chairs the company's board, with an independent chair.

Why it matters: It’s the first move in a progressive coalition’s efforts to target Facebook with a political-style campaign focused on calls for regulators to break up the social media empire.

The details:

  • The “Freedom from Facebook” coalition, a collection of progressive groups like Open Markets Institute and Demand Progress, plans to fly a plane above the company’s Menlo Park headquarters during the annual meeting — dragging a banner that reads “You Broke Democracy.”
  • One member of the coalition, SumOfUs, is an institutional shareholder of Facebook urging other shareholders to “withhold” on Zuckerberg’s appointment to the board in favor of an independent chair. (SumOfUs filed an exempt solicitation letter with the SEC to this effect.)
  • The group called for the appointment of a risk oversight committee, and a report on how the company is managing content governance — including election interference, fake news and hate speech.
  • There will also be a digital ad campaign targeting the shareholder meeting and Facebook’s office locations around the country. (View the “Don’t Get Zucked” ad here.)

Reality check: The shareholder proposal doesn’t stand a chance of getting approved (Zuckerberg himself holds majority voting control of the company) and the current FTC isn’t interested in breaking up Facebook. Still, this is the start of what could be a sustained campaign and drum-beat behind the coalition’s calls for more regulatory action and new accountability measures.

Go deeper: David McCabe reported the details of the coalition's launch earlier this month.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.