New data on voting rights at private tech firms reveals that more companies than previously thought grant insiders extra-powerful supervoting shares carrying 30 to 100 times as many votes as ordinary stock. The more-common version of supervoting shares in private tech carry just ten times as many votes as other classes.
The most extreme example was customer feedback software maker Medallia, which has a class of stock with 10,000 times as many votes per share as other classes, according to data from research firm PitchBook, supplemented by a review of Medallia’s charter.
