New tech IPOs give disproportionate voting control to CEOs

The move bans such issuers from the S&P 500 and many index funds (some just underweight them), but it continues to be viewed as a worthwhile tradeoff by founders who are terrified of being the subject of a Carl Icahn letter.

• Founders are right to be guard against short-term investors who don't really care about the company, its customers or its employees.
• Founders are wrong to respond through a structure that offers virtually no recourse when the founder is harming the company, its customers or its employees.