Quartz

Zach Seward

Chief product officer / executive editor at Quartz
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Zach Seward

Chief product officer / executive editor at Quartz

Uber stock will have a single-class voting structure, meaning that regular shareholders will have the same voting power as executives and other insiders. This is a really interesting shift from the practice of most public tech companies since Google went public 15 years ago and created a class of shares with 10x voting power in order to ensure its founders maintained control. Of course, it's easier to make this choice in Uber's case because the founder has already been ousted as chief executive: He still own 8.6% of the company, but will only get 8.6% of the vote. What a crazy idea! This should be standard practice. Shareholders have not insisted on it, so companies going public with strong founders have been able to go the other way. There's a movement among institutional investors to push back on dual-class voting structures, but they could use the support of the SEC and Congress.

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Zach Seward

Chief product officer / executive editor at Quartz

One can only conclude from this piece that taxation is fundamentally broken above a certain level of wealth in the US. It’s a great look at exactly why that is.