Indispensable leaders don’t need supervoting shares or other governance controls. GinaChon rob_cyran
Shares in ride-hailing app Lyft began trading on March 29 on the Nasdaq stock exchange. The stock rose by more than 20 percent in initial morning trading, compared to its pricing value of $72 per share, but by the end of April 2 had fallen to below $69.
Lyft established a dual-class stock structure that gives its co-founders, Logan Green and John Zimmer, almost 50 percent of the company’s votes with roughly a 5 percent economic interest. Pinterest, which filed a draft prospectus on March 22, will also have dual-class stock. After seven years, holders of supervoting shares who no longer retain at least 50 percent of the shares they had at the initial public offering will lose their extra votes.
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