TLDR:
Non-voting stock is a class of shares that carries no voting rights in corporate matters, allowing companies to raise capital without diluting voting control, commonly used in dual-class share structures.
Non-Voting Stock in Tech Companies
Non-voting stock has become a defining feature of major technology company capital structures, enabling founders to maintain voting control while raising public capital. Google’s Class A shares have one vote; Class B shares (held by founders and early insiders) have 10 votes. Snap took this further by issuing only non-voting Class A shares in its IPO, while founders retained all voting power through Class B shares. This structure allows founders to pursue long-term strategies without short-term shareholder pressure while still accessing public capital markets.