The table below lists the 29 Lonergan SV150 companies whose most recent proxies indicate a multi-class stock ownership structure. Companies with these structures create a super-voting class of shares which is not publicly traded and typically has ten times the voting rights of the shares available to general investors.
The arithmetic mean of the CEO voting rights at the 29 companies below, as reported in the most recent proxy (dated October 2019 through the present) was 30%.
For analysis and discussion of the dual class stock ownership in Silicon Valley, please read our blog.
For the full 2020 list of top public tech companies, please visit the Lonergan SV150.
LSV150 Companies with Dual Class Stock Ownership
|LSV150 Rank in 2020||LSV150 ranked Company (IPO year)||CEO (Founders marked ‘F’)||Voting Power Percentage|
|2||Alphabet (2004)||Sundar Pichai||*|
|4||Facebook (2012)||Mark Zuckerberg (F)||57.9% (includes voting proxies)|
|21||VMware (2007)||Pat Gelsinger||*|
|32||Square (2015)||Jack Dorsey (F)||51.32%|
|35||Workday (2012)||Aneel Bhusri (F)||76%|
|36||Lyft ((2019)||Logan Green (F)||23.97%|
|53||Bio-Rad Laboratories (1980)||Norman Schwartz||58.8%|
|58||Stitch Fix (2017)||Katrina Lake (F)||24.2%|
|59||DropBox (2018)||Andrew Houston (F)||46.6%|
|61||Fitbit (2015)||James Park (F)||34.1%|
|66||Nutanix (2016)||Dheeraj Pandey (F)||33.1%|
|67||Dolby Laboratories (2005)||Kevin Yeaman||*|
|69||GoPro (2014)||Nicholas Woodman (F)||69.05%|
|71||Pinterest (2019)||Ben Silberman (F)||24.77%|
|72||Twilio (2016)||Jeff Lawson (F)||5.2%|
|73||Roku (2017)||Anthony Wood (F)||67.9%|
|74||Veeva Systems (2013)||Peter Gassner (F)||51.8%|
|82||RingCentral (2013)||Vlad Shmunis (F)||30.8%|
|88||Bloom Energy (2018)||KR Sridhar (F)||10.77%|
|92||Zoom Video (2019)||Eric Yuan (F)||34.4%|
|94||Slack (2019)||Stewart Butterfield (F)||7.5%|
|97||Okta (2017)||Todd McKinnon (F)||6.2%|
|102||Crowdstrike (2019)||George Kurtz (F)||22.42%|
|125||Eventbrite (2018)||Julia Hartz (F)||14.22%|
|131||Cloudflare (2019)||Matthew Prince (F)||23.0%|
|133||Zuora (2018)||Tien Tzuo (F)||35.5%|
|135||10x Genomics (2019)||Serge Saxonov (F)||6.4%|
|145||Aemetis (2007)||Eric McAfee (F)||9.4%|
|146||Fastly (2019)||Artur Bergman (F)||36.0%|
Notes: most recent voting power as noted in proxies dated from October 2019 to the present. Founder status as noted in company websites or on company proxies. The * symbol denotes less than one percent voting power.
In our 2015 Who Runs Silicon Valley study when we began to track this issue, the eleven companies in the LSV150 with dual class stock ownership structures were: Google, Facebook, VMware, LinkedIN (now acquired), GoPro, Dolby Labs, Workday, Zynga (which has since relinquished its multi-class stock structure), Yelp (which has since relinquished its multi-class structure), Veeva, and RingCentral.