An Argument for Tech Majority Voting Rights

MGST 451

Debate

Dec 2025

This presentation examined whether super-majority and dual-class voting structures enhance or erode long-term shareholder value in technology firms. The analysis combined governance theory with real market outcomes, using Meta, Alphabet, and Rivian as case studies to trace how concentrated founder control influences capital allocation, R&D intensity, and strategic risk-taking. We evaluated dual-class structures through agency theory, fiduciary duty, and market discipline, and tested common criticisms around accountability, entrenchment, and shareholder disenfranchisement. The project concluded that, when paired with market discipline and sunset mechanisms, super-voting rights can protect long-term innovation and value creation in industries with high uncertainty and long investment cycles.

Presentation slide titled "Tech Majority Voting Rights: An Opportunity for Visionary Leadership" with subtext "Position: For Super-Majority Voting Rights in Tech." The slide includes course code MGST 451 L06 and names of presenters: Ivan Imshetnskyy,

Presentation slide showing an agenda with topics covered, including industry overview, three case studies, addressing concerns, and conclusion. Names listed on the right side are Will, Ivan, Ben, Carter Henry, Carter Hudson, and Alicia, with arrows i

Slide titled 'Dual-Class Drives Innovation and Value in Tech' with three bullet points. First point: 'Flexibility fuels innovation - dual-class shares let leaders make bold moves' with an icon of a person with a light bulb. Second point: 'Long-term f

Slide titled 'Industry Context' showing two sections: 'R&D Intensity' with bullet points on tech industry R&D; 'Bold Decision Making' with bullet points on industry evolution, market change, and decision control. There are two dashed boxes with text

Graphs showing shareholder value creation over 1, 5, and 10 years for multi & dual shares versus single class shares, with company logos for Meta, Alphabet, and Rivian.

A slide from a presentation titled "Meta - The 2012 IPO That Broke the Rules." The slide explains how Meta (formerly Facebook) grew after its 2012 IPO, despite initial criticisms. It features a comparison between Class A and Class B voting rights, no

Meta case study slide titled 'The Defiance: Betting Long When Others Wouldn’t,' showing a timeline from 2012 to 2024, decision points, market reactions, and outcomes, as well as a section titled 'The Payoff' with statistics about market cap, FCF CAGR

Slide titled 'Case Study #2 Alphabet: Decisions that Created the Tech Empire' showing logos of YouTube, Android, Waymo, DeepMind, and Google. The slide discusses Projects and Acquisitions and Founder Insight about Alphabet's success.

Slide from a presentation with the title 'Case Study #3 Rivian,' discussing Rivian's electric trucks and Tesla, featuring images of a man speaking at VOTE event, a person in front of Tesla logos, and various strategic topics.

Slide titled 'Addressing the Rebuttals...' with three columns: 'Accountability Exists', 'Not Permanent: Sunset Clauses', and 'Innovation & Returns', each with supporting text and evidence, and a footer with a quote and source.

Slide titled "Lessons & Conclusion" with the heading "Vision Wins When the Founder Leads." It lists three points: 1) Super majority rights enable decisive action to protect innovation, 2) Companies with multi and dual class shares deliver better long

Slide titled 'Lessons & Conclusion' with the main heading 'Vision Wins When the Founder Leads' and points about the importance of super majority voting rights in corporate governance, including icons representing group leadership, shareholder perform

Page 13 of a research bibliography document featuring references on corporate governance, investor relations, and dual-class share structures, with sections on industry context, case studies, addressing concerns, and related URLs.