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Where Supervoting Rights Go to the Extreme

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.

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“In order to have control it might take more than 10 to 1, especially if you factor in that what you have today is going to be further diluted by further stock issuances in the future to raise equity, like in an IPO.”