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.
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.