Comment by woopwoop

Right, but a voting stock is a contract that provides some fraction of those Adwords to you. If they accumulate a lot of those AdWords dollars, shareholders will eventually demand that money back to spend for themselves. In the past, this was done via paying dividends, but my impression is that nowadays it is done via stock buybacks. But if stock buybacks don't have to include non-voting shareholders, what's to stop voting shareholders from just excluding them from the buyback completely and keeping the payout for themselves?