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Apparently Adam has pledged $1B in charitable donations over the next 10 years, otherwise he loses voting power. Is this normal? >To evidence their commitment
by fierro 7y ago
Apparently Adam has pledged $1B in charitable donations over the next 10 years, otherwise he loses voting power. Is this normal?
>To evidence their commitment to charitable causes and to ensure this commitment is meaningful, if Adam and Rebekah have not contributed at least $1 billion to charitable causes as of the ten-year anniversary of the closing date of this offering, holders of all of the Company's high-vote stock will only be entitled to ten votes per share instead of twenty votes per share.```
- anon1m0us 7y agoIt seems disingenuous to make themselves only 10x more powerful than other investors if they don't do what they say, rather than the accepted 20x. Is such an ratio normal?
- chipotle_coyote 7y agoIt's certainly normal for founders to give themselves more power than other investors.