>"Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues," the index provider said in a statement.
Good. Reminds me of the thing with Zenefits where they basically screwed the (loose cannon, fired) CEO out of his shares by offering heavily discounted new shares to everyone but him.[1] I know, not quite the same thing here, but a good measure to hold the line against dilution trickery that might get that far.
Edit: According to this recode piece[2], the shares on the stock market (class A) have no voting rights, B have 12%, and the C class have 88% and are held by the founders. Yeah, I'm surprised the exchanges tolerated such weak offerings to begin with, let alone the indexes.
Good. Reminds me of the thing with Zenefits where they basically screwed the (loose cannon, fired) CEO out of his shares by offering heavily discounted new shares to everyone but him.[1] I know, not quite the same thing here, but a good measure to hold the line against dilution trickery that might get that far.
Edit: According to this recode piece[2], the shares on the stock market (class A) have no voting rights, B have 12%, and the C class have 88% and are held by the founders. Yeah, I'm surprised the exchanges tolerated such weak offerings to begin with, let alone the indexes.
[1] https://news.ycombinator.com/item?id=12013321
[2] https://www.recode.net/2017/2/21/14670314/snap-ipo-stock-vot...