>Is there no way to say "You buy [non-voting shares]" Yes, you can have multiple classes of shares[1], but the tradeoff is it makes the shares less desirable f

>Is there no way to say "You buy [non-voting shares]" Yes, you can have multiple classes of shares[1], but the tradeoff is it makes the shares less desirable for investors. This means the pricing of shares will be lower (or possibly unsaleable) and you won't raise as much capital as you intended. If you have a company considering an IPO, your investment banker (e.g. Goldman Sachs, Credit Suisse, etc) will advise if the marketplace is willing to buy your non-voting shares. Facebook is an interesting example of having 3 classes of shares: Class A - 1 vote per share Class B - 10 votes per share (MZ holds these) Class C - 0 votes Facebook did not issue Class C when they went public in 2012. The non-voting shares were created in 2016.[2] Snap Inc on the other hand, issued non-voting shares right at the IPO. When you're a glamorous high-flying tech company, it's easier to entice investors with the less-desirable non-voting shares. Could Whole Foods have issued non-voting shares at IPO in 1992? They would have had to have agreement from their investment bank to underwrite them and market interest from the first wave of investors to buy them. You can't always have your cake (significant capital funding) and eat it too (outside investors get 0 votes). [1] http://www.investopedia.com/articles/fundamental/04/092204.asp http://www.investopedia.com/articles/fundamental/04/092204.a... [2] http://www.nasdaq.com/g00/article/facebook-shareholders-approve-creation-of-class-c-shares-cm638528 http://www.nasdaq.com/g00/article/facebook-shareholders-appr...