undefined | Better HN

0 pointshelsinkiandrew4y ago0 comments

> The sad thing is that they own much less(how much?) than 58% of the stock.

The 'special' shares have 20 votes per share - could be as low as 3% of the company. It's hard to see why anyone would invest in a company where someone who was deemed incompetent to be CEO but still has a massive control of the board.

https://www.bloomberg.com/opinion/articles/2022-02-08/peloto...

I wonder if this will be a big issue for companies that look floundering and whose CEO/Founders are seen to be unable to control it - I've seen a few articles about Zuckerburg not being the right CEO for FB/Meta anymore (he also has over 50% of the votes) - if their share price did a few more 25% drops...

0 comments

PhantomGremlin4y ago

Special shares having 20x the votes of plebeian shares is still better than the Snapchat situation.

As someone on HN quipped at the time: No, the shares have no voting power. They are Snapchat fun bucks basically.

https://news.ycombinator.com/item?id=13807515

j / k navigate · click thread line to collapse