{ "researchSlug": "founder-supervoting-sunsets", "title": "When Founder Supervoting Rights End at 10 Public Companies", "publishedAt": "2026-09-11", "updatedAt": null, "dataAsOf": "2026-08-26", "version": "1.0", "selection": { "statisticallyRepresentative": false }, "scope": { "comparisonQuestion": "when-enhanced-founder-voting-rights-convert-or-end", "companywideAndFounderSpecificScopesSeparated": true }, "summary": { "companies": 10, "fixedTimeCompanywideSunsets": 2, "deathOrDisabilityTriggers": 9, "serviceOrRoleTriggers": 3, "founderOwnershipThresholdTriggers": 4, "classDilutionThresholdTriggers": 3 }, "observations": [ { "person": "Drew Houston", "profilePath": "/billionaires/drew-houston", "company": "Dropbox", "entityId": "dropbox", "stockTickers": [ "DBX" ], "scope": "mixed", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": true, "companywideFinalConversion": "All Class B converts to Class A on the Final Conversion Date: a two-thirds Class B vote, Class B falling below 5% of aggregate Class A plus Class B outstanding, or 9 months after the death or disability of the last founder, extendable by independent directors to no later than 18 months after the last applicable founder event.", "founderEventRule": "Founder-held Class B converts 9 months after that founder's death or disability, extendable by independent directors to no later than 18 months after that event.", "thresholdRule": "Companywide final conversion when Class B is less than 5% of aggregate Class A plus Class B outstanding.", "serviceRule": null, "fixedTimeRule": null, "transferRule": "A transfer of Class B generally converts the transferred share to Class A unless it is a permitted transfer; transfers between the co-founders can qualify as permitted transfers.", "transitionRule": "Founder death/disability conversion is deferred 9 months and may be extended to a maximum of 18 months.", "note": "Founder-specific conversion and the companywide Final Conversion Date are distinct; death or disability of the last founder can make the two coincide.", "sources": [ { "id": "dropbox-2026-securities-description", "title": "Dropbox 2025 Form 10-K Exhibit 4.8 — Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1467623/000146762326000008/exhibit48-q425.htm", "sourceDate": "2026-02-20", "role": "current-conversion-terms" } ] }, { "person": "Mark Zuckerberg", "profilePath": "/billionaires/mark-zuckerberg", "company": "Meta Platforms", "entityId": "meta-platforms", "stockTickers": [ "META" ], "scope": "founder-specific", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": false, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "All Class B can convert on a date, time, or event specified by holders of a majority of the outstanding Class B voting separately as a class.", "founderEventRule": null, "thresholdRule": null, "serviceRule": null, "fixedTimeRule": null, "transferRule": "Each Class B share automatically converts to Class A upon a transfer other than a permitted transfer.", "transitionRule": null, "note": "The current charter does not state an automatic founder-death, founder-service, ownership-threshold, class-dilution, or fixed-calendar sunset. Older proposed charter terms are not imported into the current rule set.", "sources": [ { "id": "meta-2024-restated-charter", "title": "Meta Platforms Restated Certificate of Incorporation", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000069/meta06302024-ex31.htm", "sourceDate": "2024-07-31", "role": "current-conversion-terms" } ] }, { "person": "Tony Xu", "profilePath": "/billionaires/tony-xu", "company": "DoorDash", "entityId": "doordash", "stockTickers": [ "DASH" ], "scope": "companywide-class", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": true, "founderOwnershipThresholdTrigger": true, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "All Class B converts to Class A on the earliest applicable Tony Xu ownership, death/disability, cause-termination, or combined service-and-board-departure trigger, with board-set timing where specified.", "founderEventRule": "Companywide conversion occurs 12 months after Tony Xu's death or permanent and total disability.", "thresholdRule": "Board-fixed conversion 61–180 days after Xu and permitted holders fall below 35% of the Class B held by Xu and permitted entities at the charter baseline.", "serviceRule": "Board-fixed conversion 61–180 days after termination for cause, or after Xu both ceases officer/employee/consultant service and ceases board service under the specified departure conditions.", "fixedTimeRule": null, "transferRule": "Class B transfers generally convert the transferred shares to Class A, subject to permitted-transfer exceptions.", "transitionRule": "Death/disability has a 12-month transition; specified ownership/service triggers use a board-fixed window of 61–180 days.", "note": "The 35% test is a founder-holdings threshold tied to a baseline, not a test that the Class B class itself has fallen below 35% of outstanding shares.", "sources": [ { "id": "doordash-2026-securities-description", "title": "DoorDash 2025 Form 10-K Exhibit 4.3 — Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx43fy2510xkdescript.htm", "sourceDate": "2026-02-18", "role": "current-conversion-terms" } ] }, { "person": "Evan Spiegel", "profilePath": null, "company": "Snap", "entityId": "snap", "stockTickers": [ "SNAP" ], "scope": "mixed", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": true, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "Once no Class C shares remain outstanding, all Class B converts to Class A; the Class A class then carries voting rights under the charter structure.", "founderEventRule": "A co-founder's Class C converts to Class B nine months after that co-founder's death; the founders also have a proxy arrangement that becomes effective on death or disability.", "thresholdRule": "A founder's Class C converts to Class B when that founder's outstanding Class C falls below 30% of the Class C held by that founder at the IPO closing baseline.", "serviceRule": null, "fixedTimeRule": null, "transferRule": "Founder Class C has permitted-transfer mechanics; the conversion rules are holder-specific until no Class C remains.", "transitionRule": "Founder Class C conversion follows nine months after death.", "note": "Snap explicitly states that termination of either co-founder's employment does not remove the same significant voting power; service termination is not a Class C conversion trigger.", "sources": [ { "id": "snap-2026-q2-10q", "title": "Snap Q2 2026 Form 10-Q", "url": "https://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm", "sourceDate": "2026-08-04", "role": "current-conversion-terms" } ] }, { "person": "Brian Armstrong", "profilePath": null, "company": "Coinbase Global", "entityId": "coinbase", "stockTickers": [ "COIN" ], "scope": "companywide-class", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": true, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "All Class B converts to Class A on the earliest applicable Brian Armstrong ownership threshold, qualifying Class B/board approval, or Armstrong death/disability event.", "founderEventRule": "Armstrong's death or disability triggers companywide automatic conversion; independent directors may delay the conversion by no more than six months.", "thresholdRule": "Board-fixed conversion 61–180 days after Armstrong and affiliates hold less than 25% of the Class B they held as of April 1, 2021.", "serviceRule": null, "fixedTimeRule": null, "transferRule": "Class B transfers generally convert to Class A subject to permitted-transfer exceptions.", "transitionRule": "Death/disability may be delayed up to six months; the founder-holdings threshold uses a board-fixed 61–180 day window.", "note": "The 25% test compares Armstrong's retained Class B with his April 1, 2021 baseline; it is not a 25% company ownership threshold.", "sources": [ { "id": "coinbase-2026-securities-description", "title": "Coinbase 2025 Form 10-K Exhibit 4.18 — Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/exhibit41810kq42025.htm", "sourceDate": "2026-02-12", "role": "current-conversion-terms" } ] }, { "person": "Jack Dorsey", "profilePath": null, "company": "Block", "entityId": "block", "stockTickers": [ "XYZ" ], "scope": "mixed", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": true, "companywideFinalConversion": "All Class B converts to Class A when outstanding Class B represents less than 5% of the voting power of stock entitled to vote generally in director elections; Class B holders can also approve conversion by majority Class B voting power.", "founderEventRule": "Class B held by a natural-person holder or that holder's permitted transferees converts on that holder's death or disability.", "thresholdRule": "Companywide final conversion when Class B falls below 5% of the voting power of voting stock.", "serviceRule": null, "fixedTimeRule": null, "transferRule": "A non-permitted transfer of a Class B share automatically converts that transferred share to Class A.", "transitionRule": null, "note": "A holder's death/disability converts that holder's shares; it does not by itself necessarily trigger companywide final conversion.", "sources": [ { "id": "block-current-charter", "title": "Block Amended and Restated Certificate of Incorporation", "url": "https://www.sec.gov/Archives/edgar/data/1512673/000162828022003825/exhibit31blockinc2021.htm", "sourceDate": "2022-02-24", "role": "current-conversion-terms" }, { "id": "block-2026-proxy", "title": "Block 2026 Proxy Statement", "url": "https://www.sec.gov/Archives/edgar/data/1512673/000162828026027203/sq-20260423.htm", "sourceDate": "2026-04-23", "role": "current-structure-continuity" } ] }, { "person": "Tobi Lütke", "profilePath": "/billionaires/tobi-lutke", "company": "Shopify", "entityId": "shopify", "stockTickers": [ "SHOP" ], "scope": "mixed", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": true, "founderOwnershipThresholdTrigger": true, "classDilutionThresholdTrigger": true, "companywideFinalConversion": "All Class B restricted voting shares convert to Class A when Class B represents less than 5% of aggregate Class A plus Class B shares. Separately, the Founder Share and Lütke-associated Class B are subject to a founder-specific Sunset Event and transition.", "founderEventRule": "A Founder Share Sunset Event occurs on Lütke's death or disability.", "thresholdRule": "The Founder Share sunset is triggered when Lütke, immediate family, and affiliates hold less than 30% of the Class B baseline specified in the arrangement; separately, the Class B class converts when it is below 5% of aggregate Class A plus Class B shares.", "serviceRule": "A Founder Share Sunset Event occurs when Lütke is no longer an executive officer or primary-engagement consultant and is also no longer a board member.", "fixedTimeRule": null, "transferRule": "Class B generally converts on non-permitted transfer; the Founder Share is non-transferable under the arrangement.", "transitionRule": "The Founder Share Sunset Date is board-set 9–18 months after a Sunset Event, defaulting to 9 months if the board does not set a date; the Founder Share drops to one vote and founder-associated Class B is to convert by that date.", "note": "Shopify has two separate sunset mechanisms: a founder-specific Founder Share sunset and a class-dilution conversion for all Class B. They must not be collapsed into one threshold.", "sources": [ { "id": "shopify-2026-circular", "title": "Shopify 2026 Management Information Circular", "url": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000022/yearend2025mic.htm", "sourceDate": "2026-05-08", "role": "current-structure-continuity" }, { "id": "shopify-2022-arrangement", "title": "Shopify 2022 Management Information Circular — Founder Share Arrangement", "url": "https://www.sec.gov/Archives/edgar/data/1594805/000114036122014040/ny20003814x1_ex99-1.htm", "sourceDate": "2022-04-11", "role": "founder-sunset-terms" }, { "id": "shopify-securities-description", "title": "Shopify Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1594805/000159480525000012/exhibit41-descriptionofsec.htm", "sourceDate": "2025-02-11", "role": "class-conversion-terms" } ] }, { "person": "Eric Yuan", "profilePath": null, "company": "Zoom Communications", "entityId": "zoom", "stockTickers": [ "ZM" ], "scope": "companywide-class", "fixedTimeCompanywideSunset": "15-year anniversary of the closing of Zoom's IPO", "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": true, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "All Class B converts to Class A on the earliest of the six-month founder death/incapacity trigger, the six-month founder service/cause trigger, a majority Class B holder date, or the 15-year anniversary of the IPO closing.", "founderEventRule": "Companywide conversion six months after Eric Yuan's death or incapacity.", "thresholdRule": null, "serviceRule": "Companywide conversion six months after Yuan no longer provides services or his employment is terminated for cause.", "fixedTimeRule": "Companywide conversion on the 15-year anniversary of the closing of Zoom's IPO if no earlier trigger occurs.", "transferRule": "Individual Class B transfer rules can convert shares before the companywide final conversion, subject to permitted transfers.", "transitionRule": "Six months after the relevant Yuan death/incapacity or service/cause event.", "note": "The source defines the time sunset relative to the IPO closing. This release preserves that legal rule instead of manufacturing an exact calendar date from a separate source.", "sources": [ { "id": "zoom-2026-q2", "title": "Zoom Q2 FY2027 Form 10-Q", "url": "https://www.sec.gov/Archives/edgar/data/1585521/000158552126000121/zm-20260731.htm", "sourceDate": "2026-08-26", "role": "current-conversion-terms" } ] }, { "person": "Brian Chesky", "profilePath": "/billionaires/brian-chesky", "company": "Airbnb", "entityId": "airbnb", "stockTickers": [ "ABNB" ], "scope": "mixed", "fixedTimeCompanywideSunset": "December 14, 2040", "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": false, "companywideFinalConversion": "All Class B converts to Class A at the earlier of an 80% Class B holder-approved date/event or December 14, 2040.", "founderEventRule": "Class B held by Brian Chesky, Joe Gebbia, or Nathan Blecharczyk (or affiliates) converts nine months after that founder's death or disability.", "thresholdRule": null, "serviceRule": null, "fixedTimeRule": "Companywide Class B conversion no later than December 14, 2040, unless an 80% Class B vote selects an earlier date or event.", "transferRule": "A transfer of Class B generally converts the transferred share to Class A, subject to permitted-transfer and founder-to-founder exceptions described in the charter.", "transitionRule": "Founder-specific death/disability conversion occurs on the nine-month anniversary of the event.", "note": "Founder-specific death/disability conversion can occur before the hard companywide 2040 sunset.", "sources": [ { "id": "airbnb-securities-description", "title": "Airbnb Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1559720/000155972022000006/exh41-descriptionofsecurit.htm", "sourceDate": "2022-02-25", "role": "current-conversion-terms" }, { "id": "airbnb-2026-proxy", "title": "Airbnb 2026 Proxy Statement", "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312526175062/d936646ddef14a.htm", "sourceDate": "2026-04-24", "role": "current-structure-continuity" } ] }, { "person": "Larry Page", "profilePath": "/billionaires/larry-page", "company": "Alphabet", "entityId": "alphabet", "stockTickers": [ "GOOG", "GOOGL" ], "scope": "founder-specific", "fixedTimeCompanywideSunset": null, "deathOrDisabilityTrigger": true, "serviceOrRoleTrigger": false, "founderOwnershipThresholdTrigger": false, "classDilutionThresholdTrigger": false, "companywideFinalConversion": null, "founderEventRule": "A natural-person Class B holder's shares and permitted-entity shares convert on death. Larry Page or Sergey Brin may transfer voting control to the other contingent or effective on death under the transfer agreements, but those transferred founder shares convert nine months after the transferring founder's death.", "thresholdRule": null, "serviceRule": null, "fixedTimeRule": null, "transferRule": "Class B automatically converts to Class A on transfer except specified permitted transfers, including qualifying Page-Brin and estate-planning transfers.", "transitionRule": "Qualifying founder-to-founder voting-control transfers effective on death can preserve Class B for nine months after the transferring founder's death.", "note": "The reviewed current terms expose individual transfer/death conversion, not a fixed companywide final-conversion deadline.", "sources": [ { "id": "alphabet-2026-prospectus", "title": "Alphabet June 2026 Prospectus Supplement", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000119312526257702/d152175d424b5.htm", "sourceDate": "2026-06-02", "role": "current-conversion-terms" }, { "id": "alphabet-2026-proxy", "title": "Alphabet 2026 Proxy Statement", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000130817926000342/goog-20260424.htm", "sourceDate": "2026-04-24", "role": "current-structure-continuity" } ] } ], "limitations": [ "This is the same selected 10-company cohort as the founder voting-control study version 1.0, not a representative sample of public companies or dual-class issuers.", "A founder-specific share conversion is not always the same event as companywide termination of a dual-class structure; this release keeps those scopes separate.", "The study summarizes governing-document mechanics and does not predict when a contingent trigger will occur.", "No governance-quality, shareholder-friendliness, or sunset-strength score is calculated; unlike triggers should not be collapsed into one ordinal ranking.", "Transfer, estate-planning, proxy, trust, and classholder-vote exceptions can be detailed and company-specific; the public table is a structured summary, not a substitute for the governing documents." ] }