{
  "researchSlug": "founder-voting-control-change",
  "title": "How Founder Voting Control Changed at 10 Public Companies",
  "publishedAt": "2026-09-10",
  "updatedAt": null,
  "dataAsOf": "2026-07-31",
  "version": "1.0",
  "selection": {
    "statisticallyRepresentative": false
  },
  "scope": {
    "comparisonMetric": "total-company-voting-power-percent",
    "changeMetric": "percentage-points",
    "componentObservationDatesPreserved": true,
    "observationIntervalsPreserved": true,
    "causalAttribution": false
  },
  "summary": {
    "observations": 10,
    "increased": 5,
    "decreased": 4,
    "unchanged": 1,
    "largestIncreasePercentagePoints": 5.9,
    "largestIncreasePerson": "Eric Yuan",
    "largestDecreasePercentagePoints": -2.1,
    "largestDecreasePerson": "Tony Xu",
    "medianChangePercentagePoints": 0.15
  },
  "observations": [
    {
      "person": "Eric Yuan",
      "profilePath": null,
      "company": "Zoom Communications",
      "entityId": "zoom",
      "stockTickers": [
        "ZM"
      ],
      "previousVotingPowerPercent": 31.8,
      "previousVotingPowerAsOfDate": "2025-01-31",
      "currentVotingPowerPercent": 37.7,
      "currentVotingPowerAsOfDate": "2026-07-31",
      "changePercentagePoints": 5.9,
      "intervalDays": 546,
      "direction": "increased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Zoom Class B common stock carries 10 votes per share versus one vote for Class A; the July-quarter 10-Q reports Yuan and affiliates with approximately 37.7% of total voting power.",
      "previousSource": {
        "id": "zoom-2025-10k",
        "title": "Zoom Communications 2025 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1585521/000158552125000042/zm-20250131.htm",
        "sourceDate": "2025-02-28"
      },
      "currentSources": [
        {
          "id": "zoom-2026-q2",
          "title": "Zoom Communications Q2 FY2027 Form 10-Q",
          "url": "https://www.sec.gov/Archives/edgar/data/1585521/000158552126000121/zm-20260731.htm",
          "sourceDate": "2026-08-26",
          "role": "quantitative-observation"
        }
      ],
      "comparabilityNote": "The current observation is July 31, 2026, so this disclosure-to-disclosure interval is 546 days rather than one year. The change is not annualized."
    },
    {
      "person": "Drew Houston",
      "profilePath": "/billionaires/drew-houston",
      "company": "Dropbox",
      "entityId": "dropbox",
      "stockTickers": [
        "DBX"
      ],
      "previousVotingPowerPercent": 78.48,
      "previousVotingPowerAsOfDate": "2025-03-31",
      "currentVotingPowerPercent": 82.4,
      "currentVotingPowerAsOfDate": "2026-03-31",
      "changePercentagePoints": 3.92,
      "intervalDays": 365,
      "direction": "increased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Dropbox Class B common stock carries 10 votes per share versus one vote for Class A; the proxy reports Houston with 82.40% of total voting power.",
      "previousSource": {
        "id": "dropbox-2025-proxy",
        "title": "Dropbox 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1467623/000146762325000047/dbx-20250415.htm",
        "sourceDate": "2025-04-15"
      },
      "currentSources": [
        {
          "id": "dropbox-2026-proxy",
          "title": "Dropbox 2026 Proxy Statement",
          "url": "https://www.sec.gov/Archives/edgar/data/1467623/000146762326000020/dbx-20260407.htm",
          "sourceDate": "2026-04-07",
          "role": "quantitative-observation"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Brian Chesky",
      "profilePath": "/billionaires/brian-chesky",
      "company": "Airbnb",
      "entityId": "airbnb",
      "stockTickers": [
        "ABNB"
      ],
      "previousVotingPowerPercent": 30.5,
      "previousVotingPowerAsOfDate": "2025-04-07",
      "currentVotingPowerPercent": 31.9,
      "currentVotingPowerAsOfDate": "2026-04-08",
      "changePercentagePoints": 1.4,
      "intervalDays": 366,
      "direction": "increased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Airbnb Class B common stock carries 20 votes per share versus one vote for Class A; the proxy reports Chesky with 31.9% of total voting power.",
      "previousSource": {
        "id": "airbnb-2025-proxy",
        "title": "Airbnb 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1559720/000119312525096938/d842295ddef14a.htm",
        "sourceDate": "2025-04-25"
      },
      "currentSources": [
        {
          "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": "quantitative-observation"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Jack Dorsey",
      "profilePath": null,
      "company": "Block",
      "entityId": "block",
      "stockTickers": [
        "XYZ"
      ],
      "previousVotingPowerPercent": 41.3,
      "previousVotingPowerAsOfDate": "2025-03-31",
      "currentVotingPowerPercent": 42.2,
      "currentVotingPowerAsOfDate": "2026-03-31",
      "changePercentagePoints": 0.9,
      "intervalDays": 365,
      "direction": "increased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Block Class B common stock carries 10 votes per share versus one vote for Class A; the proxy reports Dorsey with 42.2% of total voting power.",
      "previousSource": {
        "id": "block-2025-proxy",
        "title": "Block 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1512673/000095017025058701/sq-20250425.htm",
        "sourceDate": "2025-04-25"
      },
      "currentSources": [
        {
          "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": "quantitative-observation"
        },
        {
          "id": "block-2026-q2",
          "title": "Block Q2 2026 Form 10-Q",
          "url": "https://www.sec.gov/Archives/edgar/data/1512673/000162828026053368/xyz-20260630.htm",
          "sourceDate": "2026-08-05",
          "role": "ticker-context"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Larry Page",
      "profilePath": "/billionaires/larry-page",
      "company": "Alphabet",
      "entityId": "alphabet",
      "stockTickers": [
        "GOOG",
        "GOOGL"
      ],
      "previousVotingPowerPercent": 27.1,
      "previousVotingPowerAsOfDate": "2025-04-08",
      "currentVotingPowerPercent": 27.4,
      "currentVotingPowerAsOfDate": "2026-04-06",
      "changePercentagePoints": 0.3,
      "intervalDays": 363,
      "direction": "increased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Alphabet Class B common stock carries 10 votes per share versus one vote for Class A, while Class C is non-voting; the proxy reports Page with 27.4% of total voting power.",
      "previousSource": {
        "id": "alphabet-2025-proxy",
        "title": "Alphabet 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1652044/000130817925000511/goog012701-def14a.htm",
        "sourceDate": "2025-04-25"
      },
      "currentSources": [
        {
          "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": "quantitative-observation"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Evan Spiegel",
      "profilePath": null,
      "company": "Snap",
      "entityId": "snap",
      "stockTickers": [
        "SNAP"
      ],
      "previousVotingPowerPercent": 53.1,
      "previousVotingPowerAsOfDate": "2024-12-31",
      "currentVotingPowerPercent": 53.1,
      "currentVotingPowerAsOfDate": "2025-12-31",
      "changePercentagePoints": 0,
      "intervalDays": 365,
      "direction": "unchanged",
      "controlMechanism": "nonvoting-public-class-plus-supervoting-founder-class",
      "mechanismSummary": "Snap Class A is generally non-voting, Class B carries one vote per share and Class C carries 10. The 2025 year-end table reports Spiegel at 53.1% of total voting power; a July 2026 information statement confirms he can still exercise majority control but does not re-observe 53.1%.",
      "previousSource": {
        "id": "snap-2024-10k",
        "title": "Snap 2024 Form 10-K",
        "url": "https://www.sec.gov/Archives/edgar/data/1564408/000156440825000019/snap-20241231.htm",
        "sourceDate": "2025-02-04"
      },
      "currentSources": [
        {
          "id": "snap-2025-10k",
          "title": "Snap 2025 Form 10-K",
          "url": "https://www.sec.gov/Archives/edgar/data/1564408/000156440826000013/snap-20251231.htm",
          "sourceDate": "2026-02-04",
          "role": "quantitative-observation"
        },
        {
          "id": "snap-2026-information-statement",
          "title": "Snap 2026 Annual Meeting Information Statement",
          "url": "https://www.sec.gov/Archives/edgar/data/1564408/000156440826000041/snap-20260709xexx991xnotic.htm",
          "sourceDate": "2026-07-09",
          "role": "mechanism-continuity"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Tobi Lütke",
      "profilePath": "/billionaires/tobi-lutke",
      "company": "Shopify",
      "entityId": "shopify",
      "stockTickers": [
        "SHOP"
      ],
      "previousVotingPowerPercent": 40.03,
      "previousVotingPowerAsOfDate": "2025-04-07",
      "currentVotingPowerPercent": 40.02,
      "currentVotingPowerAsOfDate": "2026-04-21",
      "changePercentagePoints": -0.01,
      "intervalDays": 379,
      "direction": "decreased",
      "controlMechanism": "supervoting-class-plus-variable-founder-share",
      "mechanismSummary": "Shopify Class B restricted voting shares carry 10 votes per share, while the single Founder Share carries a variable vote count. The circular reports Lütke's aggregate voting power at 40.02%, including 1.78% attached to the Founder Share at the observation date.",
      "previousSource": {
        "id": "shopify-2025-management-information-circular",
        "title": "Shopify 2025 Management Information Circular",
        "url": "https://www.sec.gov/Archives/edgar/data/1594805/000159480525000040/yearend2024mic.htm",
        "sourceDate": "2025-04-29"
      },
      "currentSources": [
        {
          "id": "shopify-2026-management-information-circular",
          "title": "Shopify 2026 Management Information Circular",
          "url": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000022/yearend2025mic.htm",
          "sourceDate": "2026-05-08",
          "role": "quantitative-observation"
        }
      ],
      "comparabilityNote": "Shopify's single Founder Share carries a variable number of votes. The comparison uses the issuer-reported aggregate voting-power percentage at each observation date rather than assigning the Founder Share a fixed vote multiplier."
    },
    {
      "person": "Mark Zuckerberg",
      "profilePath": "/billionaires/mark-zuckerberg",
      "company": "Meta Platforms",
      "entityId": "meta-platforms",
      "stockTickers": [
        "META"
      ],
      "previousVotingPowerPercent": 61,
      "previousVotingPowerAsOfDate": "2025-04-01",
      "currentVotingPowerPercent": 60.8,
      "currentVotingPowerAsOfDate": "2026-04-01",
      "changePercentagePoints": -0.2,
      "intervalDays": 365,
      "direction": "decreased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Meta Class B common stock carries 10 votes per share versus one vote for Class A; the proxy reports Zuckerberg with 60.8% of total voting power.",
      "previousSource": {
        "id": "meta-2025-proxy",
        "title": "Meta Platforms 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680125000040/meta-20250417.htm",
        "sourceDate": "2025-04-17"
      },
      "currentSources": [
        {
          "id": "meta-2026-proxy",
          "title": "Meta Platforms 2026 Proxy Statement",
          "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026025532/meta-20260416.htm",
          "sourceDate": "2026-04-16",
          "role": "quantitative-observation"
        }
      ],
      "comparabilityNote": null
    },
    {
      "person": "Brian Armstrong",
      "profilePath": null,
      "company": "Coinbase Global",
      "entityId": "coinbase",
      "stockTickers": [
        "COIN"
      ],
      "previousVotingPowerPercent": 50.2,
      "previousVotingPowerAsOfDate": "2025-03-31",
      "currentVotingPowerPercent": 49.6,
      "currentVotingPowerAsOfDate": "2026-03-31",
      "changePercentagePoints": -0.6,
      "intervalDays": 365,
      "direction": "decreased",
      "controlMechanism": "supervoting-class",
      "mechanismSummary": "Coinbase Class B common stock carries 20 votes per share versus one vote for Class A; the proxy reports Armstrong with 49.6% of total voting power. Separately reported independent-trustee entities are not added to that individual row.",
      "previousSource": {
        "id": "coinbase-2025-proxy",
        "title": "Coinbase Global 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1679788/000167978825000070/coin-20250425.htm",
        "sourceDate": "2025-04-25"
      },
      "currentSources": [
        {
          "id": "coinbase-2026-proxy",
          "title": "Coinbase Global 2026 Proxy Statement",
          "url": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000045/coin-20260424.htm",
          "sourceDate": "2026-04-24",
          "role": "quantitative-observation"
        }
      ],
      "comparabilityNote": "The individual Brian Armstrong row is compared across both periods; separately disclosed trusts with an independent trustee are not added to his individual voting-power percentage."
    },
    {
      "person": "Tony Xu",
      "profilePath": "/billionaires/tony-xu",
      "company": "DoorDash",
      "entityId": "doordash",
      "stockTickers": [
        "DASH"
      ],
      "previousVotingPowerPercent": 57.6,
      "previousVotingPowerAsOfDate": "2025-03-01",
      "currentVotingPowerPercent": 55.5,
      "currentVotingPowerAsOfDate": "2026-03-01",
      "changePercentagePoints": -2.1,
      "intervalDays": 365,
      "direction": "decreased",
      "controlMechanism": "supervoting-class-plus-irrevocable-proxy",
      "mechanismSummary": "DoorDash Class B common stock carries 20 votes per share. Xu's 55.5% reported total also includes Class B shares subject to irrevocable voting proxies from co-founders Stanley Tang and Andy Fang; it is not a 55.5% beneficial-ownership percentage.",
      "previousSource": {
        "id": "doordash-2025-proxy",
        "title": "DoorDash 2025 Proxy Statement",
        "url": "https://www.sec.gov/Archives/edgar/data/1792789/000162828025020666/dash-20250429.htm",
        "sourceDate": "2025-04-29"
      },
      "currentSources": [
        {
          "id": "doordash-2026-proxy",
          "title": "DoorDash 2026 Proxy Statement",
          "url": "https://www.sec.gov/Archives/edgar/data/1792789/000179278926000018/dash-20260420.htm",
          "sourceDate": "2026-04-20",
          "role": "quantitative-observation"
        },
        {
          "id": "doordash-2026-q2",
          "title": "DoorDash Q2 2026 Form 10-Q",
          "url": "https://www.sec.gov/Archives/edgar/data/1792789/000179278926000050/dash-20260630.htm",
          "sourceDate": "2026-08-06",
          "role": "mechanism-continuity"
        }
      ],
      "comparabilityNote": "Both observations use DoorDash's issuer-reported total voting authority for Tony Xu, including shares subject to irrevocable voting proxies from co-founders. The issuer-reported voting-authority percentage is not a beneficial-ownership percentage."
    }
  ],
  "limitations": [
    "This is the same selected 10-company cohort as the current founder voting-control study version 1.0, not a representative sample of public companies.",
    "The study measures change in issuer-disclosed total company voting power, not change in economic ownership, beneficial ownership, market value, or net worth.",
    "A voting-power percentage can change because of founder holdings, conversions, voting agreements, proxy authority, issuer share-count changes, or other denominator effects. This study does not assign a cause unless a source explicitly supports one.",
    "Observation intervals are preserved per row and are not all exactly one year; the percentage-point changes are not annualized.",
    "DoorDash's voting-authority total includes irrevocable proxy authority and Shopify's Founder Share has variable votes, so those mechanisms must remain attached to the comparison."
  ]
}