> Notable that these types of structures are no longer allowed, companies like Facebook, Google and Berkshire (no super-majority here) got grandfathered in.
Could you maybe elaborate on that? I have never heard about this before, what exactly isn't possible these days?
Am I misremembering? I vividly recall finding information with regards to this type of structure not being allowed (unsure if regulatory or stock exchange level) with these examples (Mark's majority, Page+Brin's majority, BRK A shares) last time I came across this, but now I come up empty-handed. So I'm unsure and don't have much time to dig in, maybe someone more knowledgeable comes by. Feels bad that I can't edit in a disclaimer to my previous comment, I don't want to parrot misinformation.
I don't hear many FB shareholders complaining either, I wouldn't claim equal voting rights on my few shares even if I could (please don't crucify me HN, I'm just a tiny fish that dislikes the company but likes the stock). On paper, supershare structures are not a great thing for the common shareholder as it makes their shares basically free of voting rights when the CEO (or united group) holds such a supermajority. In practice, a strong operator like Mark gets more leeway to steer the ship with fewer barriers and inside power struggles. Imagine if the board stopped him from buying IG or WA, these purchases were very controversial at the time and many thought he was a lunatic for paying such a steep price, it only looks genius in hindsight. When/while it works, it is an effective governance structure.
Notable that these types of structures are no longer allowed, companies like Facebook, Google and Berkshire (no super-majority here) got grandfathered in.