{
  "researchSlug": "founder-voting-vs-ownership",
  "title": "Founder Voting Power vs Share Ownership at 9 Public Companies",
  "publishedAt": "2026-09-11",
  "updatedAt": null,
  "dataAsOf": "2026-08-26",
  "version": "1.0",
  "selection": {
    "parentReleaseSlug": "founder-voting-control",
    "statisticallyRepresentative": false
  },
  "scope": {
    "comparisonQuestion": "founder-total-voting-power-vs-share-count-ownership",
    "shareMetric": "issuer-disclosed-or-reproducibly-derived-share-count-ownership-percent",
    "sameDisclosureBasisRequired": true
  },
  "summary": {
    "parentCohortCompanies": 10,
    "matchedObservations": 9,
    "sourceCoverageExclusions": 1,
    "votingPowerAboveShareOwnership": 9,
    "majorityVotingControlObservations": 4,
    "highestShareOwnershipPercent": 35.22,
    "lowestShareOwnershipPercent": 2.53
  },
  "observations": [
    {
      "person": "Drew Houston",
      "profilePath": "/billionaires/drew-houston",
      "company": "Dropbox",
      "entityId": "dropbox",
      "stockTickers": [
        "DBX"
      ],
      "votingPowerPercent": 82.4,
      "votingPowerAsOfDate": "2026-03-31",
      "shareOwnershipPercent": 35.22,
      "ownershipAsOfDate": "2026-03-31",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 84044727,
      "baseOutstandingShares": 238638547,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A + Class B common stock; Class C had no shares outstanding",
      "calculationNote": "Houston's 9,427,838 Class A plus 74,616,889 Class B beneficially owned shares are divided by the proxy's 163,263,829 Class A plus 75,374,718 Class B shares outstanding. The Class A restricted-stock-award shares in Houston's row are already reflected in the issuer's outstanding-share basis rather than added again.",
      "mechanismNote": "Class B carries 10 votes per share versus one for Class A.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Mark Zuckerberg",
      "profilePath": "/billionaires/mark-zuckerberg",
      "company": "Meta Platforms",
      "entityId": "meta-platforms",
      "stockTickers": [
        "META"
      ],
      "votingPowerPercent": 60.8,
      "votingPowerAsOfDate": "2026-04-01",
      "shareOwnershipPercent": 13.49,
      "ownershipAsOfDate": "2026-04-01",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 342463325,
      "baseOutstandingShares": 2538423304,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A + Class B common stock",
      "calculationNote": "Zuckerberg's 639,347 Class A plus 341,823,978 Class B beneficially owned shares are divided by 2,196,045,588 Class A plus 342,377,716 Class B shares outstanding at the proxy record date.",
      "mechanismNote": "Class B carries 10 votes per share versus one for Class A.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Tony Xu",
      "profilePath": "/billionaires/tony-xu",
      "company": "DoorDash",
      "entityId": "doordash",
      "stockTickers": [
        "DASH"
      ],
      "votingPowerPercent": 55.5,
      "votingPowerAsOfDate": "2026-03-01",
      "shareOwnershipPercent": 2.53,
      "ownershipAsOfDate": "2026-03-01",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 11100686,
      "baseOutstandingShares": 437019518,
      "personSpecificDenominatorAdjustmentShares": 1184139,
      "includedClasses": "Class A + Class B common stock; Class C had no shares outstanding",
      "calculationNote": "Xu's 1,583 Class A plus 11,099,103 Class B beneficially owned shares are divided by the issuer's 412,560,024 Class A plus 24,459,494 Class B base, plus 1,184,139 Class B options exercisable within 60 days that the proxy deems outstanding specifically for Xu's percentage calculation.",
      "mechanismNote": "The separate 14,576,170 Class B shares subject to irrevocable voting proxies from co-founders are included in Xu's 55.5% voting authority but are not added to Xu's beneficial-share numerator.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Evan Spiegel",
      "profilePath": null,
      "company": "Snap",
      "entityId": "snap",
      "stockTickers": [
        "SNAP"
      ],
      "votingPowerPercent": 53.1,
      "votingPowerAsOfDate": "2025-12-31",
      "shareOwnershipPercent": 9.33,
      "ownershipAsOfDate": "2025-12-31",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 159644790,
      "baseOutstandingShares": 1711553622,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A + Class B + Class C common stock",
      "calculationNote": "Spiegel's 30,099,361 Class A, 5,862,410 Class B and 123,683,019 Class C beneficially owned shares are divided by the same three classes outstanding at year-end. Spiegel's footnote does not add a 60-day option or RSU adjustment.",
      "mechanismNote": "Class A is non-voting, Class B carries one vote per share and Class C carries 10 votes per share.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Brian Armstrong",
      "profilePath": null,
      "company": "Coinbase Global",
      "entityId": "coinbase",
      "stockTickers": [
        "COIN"
      ],
      "votingPowerPercent": 49.6,
      "votingPowerAsOfDate": "2026-03-31",
      "shareOwnershipPercent": 12.45,
      "ownershipAsOfDate": "2026-03-31",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 33807590,
      "baseOutstandingShares": 263411114,
      "personSpecificDenominatorAdjustmentShares": 8167446,
      "includedClasses": "Class A + Class B common stock",
      "calculationNote": "Armstrong's 8,167,972 Class A plus 25,639,618 Class B beneficially owned shares are divided by 222,377,223 Class A plus 41,033,891 Class B base shares, plus 8,167,446 Class A options exercisable within 60 days that the proxy deems outstanding specifically for Armstrong's ownership percentage.",
      "mechanismNote": "Class B carries 20 votes per share. The separate independent-trustee entities established by Armstrong are not added to his individual beneficial-share or voting-power row.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Jack Dorsey",
      "profilePath": null,
      "company": "Block",
      "entityId": "block",
      "stockTickers": [
        "XYZ"
      ],
      "votingPowerPercent": 42.2,
      "votingPowerAsOfDate": "2026-03-31",
      "shareOwnershipPercent": 8.2,
      "ownershipAsOfDate": "2026-03-31",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 48844566,
      "baseOutstandingShares": 595361716,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A + Class B common stock",
      "calculationNote": "Dorsey's 1,000,000 Class A plus 47,844,566 Class B beneficially owned shares are divided by 535,370,474 Class A plus 59,991,242 Class B shares outstanding. His disclosed row contains no 60-day equity adjustment that needs to be added to the denominator.",
      "mechanismNote": "Class B carries 10 votes per share and converts to Class A on a share-for-share basis.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Tobi Lütke",
      "profilePath": "/billionaires/tobi-lutke",
      "company": "Shopify",
      "entityId": "shopify",
      "stockTickers": [
        "SHOP"
      ],
      "votingPowerPercent": 40.02,
      "votingPowerAsOfDate": "2026-04-21",
      "shareOwnershipPercent": 6.11,
      "ownershipAsOfDate": "2026-04-21",
      "ownershipBasis": "derived-issuer-owned-controlled-directed-share-count",
      "shareCountNumeratorShares": 79298133,
      "baseOutstandingShares": 1298375875,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A subordinate voting shares + Class B restricted voting shares + one Founder Share",
      "calculationNote": "The circular's principal-shareholder table reports 1,548,000 Class A shares, 77,750,132 Class B shares and one Founder Share owned, controlled or directed by Lütke. Those figures are divided by the same classes outstanding on April 21. the founder voting-versus-ownership study does not substitute the separate 60-day SEC executive-ownership table because that would mix ownership bases with the 40.02% principal-shareholder observation.",
      "mechanismNote": "The Founder Share has a variable vote count and represented 1.78% of aggregate voting power at the observation date.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Eric Yuan",
      "profilePath": null,
      "company": "Zoom Communications",
      "entityId": "zoom",
      "stockTickers": [
        "ZM"
      ],
      "votingPowerPercent": 37.7,
      "votingPowerAsOfDate": "2026-07-31",
      "shareOwnershipPercent": 7.1,
      "ownershipAsOfDate": "2026-07-31",
      "ownershipBasis": "issuer-reported-capital-stock-percent",
      "shareCountNumeratorShares": null,
      "baseOutstandingShares": null,
      "personSpecificDenominatorAdjustmentShares": null,
      "includedClasses": "Outstanding capital stock as described by the issuer",
      "calculationNote": "Zoom directly reports that Yuan and affiliates held approximately 7.1% of outstanding capital stock and controlled approximately 37.7% of voting power as of July 31, 2026. the founder voting-versus-ownership study preserves the issuer-reported percentage instead of reverse-engineering a more precise share count.",
      "mechanismNote": "Class B carries 10 votes per share versus one for Class A.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        }
      ]
    },
    {
      "person": "Brian Chesky",
      "profilePath": "/billionaires/brian-chesky",
      "company": "Airbnb",
      "entityId": "airbnb",
      "stockTickers": [
        "ABNB"
      ],
      "votingPowerPercent": 31.9,
      "votingPowerAsOfDate": "2026-04-08",
      "shareOwnershipPercent": 11.05,
      "ownershipAsOfDate": "2026-04-08",
      "ownershipBasis": "derived-sec-beneficial-share-count",
      "shareCountNumeratorShares": 66702326,
      "baseOutstandingShares": 603725252,
      "personSpecificDenominatorAdjustmentShares": 0,
      "includedClasses": "Class A + Class B + Class H common stock; Class C had no shares outstanding",
      "calculationNote": "Chesky's 4,210,326 Class A plus 62,492,000 Class B beneficially owned shares are divided by 418,897,799 Class A, 175,627,453 Class B and 9,200,000 Class H shares outstanding. The proxy reports no Chesky 60-day option/RSU shares requiring a person-specific denominator adjustment.",
      "mechanismNote": "Class B carries 20 votes per share, Class A one vote, and Class H no votes. Class H participates ratably in liquidation and converts one-for-one to Class A when transferred outside Airbnb subsidiaries.",
      "sources": [
        {
          "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": "matched-ownership-and-voting-disclosure"
        },
        {
          "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": "economic-rights-context"
        }
      ]
    }
  ],
  "exclusions": [
    {
      "person": "Larry Page",
      "profilePath": "/billionaires/larry-page",
      "company": "Alphabet",
      "entityId": "alphabet",
      "stockTickers": [
        "GOOG",
        "GOOGL"
      ],
      "votingPowerPercent": 27.4,
      "votingPowerAsOfDate": "2026-04-06",
      "reason": "Alphabet's 2026 proxy reports Larry Page's Class B shares and 27.4% total voting power but explicitly excludes non-voting Class C capital stock from the ownership table. the founder voting-versus-ownership study does not reconstruct Page's omitted Class C position from transaction filings, so no complete companywide share-count ownership percentage is published.",
      "sources": [
        {
          "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": "source-coverage-exclusion"
        }
      ]
    }
  ],
  "limitations": [
    "This is a selected matched-disclosure subset of the frozen the founder voting-control study v1 cohort, not a statistically representative sample of founders or public companies.",
    "The share-count metric follows each issuer's disclosed ownership basis. Most rows use SEC beneficial-ownership rules; Shopify uses its principal-shareholder owned/controlled/directed table; Zoom directly reports an approximate capital-stock percentage.",
    "SEC beneficial-ownership rules can deem options or other securities exercisable within 60 days outstanding for the specific person. DoorDash and Coinbase therefore require person-specific denominator adjustments rather than a naive numerator divided by headline shares outstanding.",
    "Voting power and share-count ownership are different measurements. the founder voting-versus-ownership study deliberately does not subtract or divide them into a synthetic control premium, control multiple, governance score, market-value measure, or net-worth estimate.",
    "DoorDash's 55.5% voting authority includes Class B shares subject to irrevocable proxies from co-founders; those proxied shares are not treated as Tony Xu beneficial ownership.",
    "Alphabet is excluded from the matched percentage comparison because its current proxy omits non-voting Class C from the ownership table. the founder voting-versus-ownership study does not fill that source gap with reconstructed transaction history.",
    "Observation dates differ by company. The study preserves each issuer's measurement date rather than pretending the cohort is synchronous."
  ]
}