Dual Class Stock Structure Companies in the LSV150

2020 Rankings

Susan Lonergan, July 1st, 2020

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 2020LSV150 ranked Com­pa­ny (IPO year)CEO (Founders marked F’)Vot­ing Pow­er Percentage
2 Alpha­bet (2004)Sun­dar Pichai
4Face­book (2012)Mark Zucker­berg (F)57.9% (includes vot­ing proxies)
21VMware (2007)Pat Gelsinger*
32Square (2015)Jack Dorsey (F)51.32%
35Work­day (2012)Aneel Bhus­ri (F)76%
36Lyft ((2019)Logan Green (F)23.97%
53Bio-Rad Lab­o­ra­to­ries (1980)Nor­man Schwartz58.8%
58Stitch Fix (2017)Kat­ri­na Lake (F)24.2%
59Drop­Box (2018)Andrew Hous­ton (F)46.6%
61Fit­bit (2015)James Park (F)34.1%
66Nutanix (2016)Dheer­aj Pandey (F)33.1%
67Dol­by Lab­o­ra­to­ries (2005)Kevin Yea­man*
69GoPro (2014)Nicholas Wood­man (F)69.05%
71Pin­ter­est (2019)Ben Sil­ber­man (F)24.77%
72Twilio (2016)Jeff Law­son (F)5.2%
73Roku (2017)Antho­ny Wood (F)67.9%
74Vee­va Sys­tems (2013)Peter Gassner (F)51.8%
82Ring­Cen­tral (2013)Vlad Shmu­nis (F)30.8%
88Bloom Ener­gy (2018)KR Srid­har (F)10.77%
92Zoom Video (2019)Eric Yuan (F)34.4%
94Slack (2019)Stew­art But­ter­field (F)7.5%
97Okta (2017)Todd McK­in­non (F)6.2%
102Crowd­strike (2019)George Kurtz (F)22.42%
125Eventbrite (2018)Julia Hartz (F)14.22%
131Cloud­flare (2019)Matthew Prince (F)23.0%
133Zuo­ra (2018)Tien Tzuo (F)35.5%
13510x Genomics (2019)Serge Sax­onov (F)6.4%
145Aemetis (2007)Eric McAfee (F)9.4%
146Fast­ly (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.