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Richard Drew / AP

There has been a lot of tech and trader talk lately about founder control, in light of both the Snap stock structure and Uber's ongoing sadness soirée. At its heart have been two competing theses:

  • Pro: Such arrangements usually only apply to visionary founders who have demonstrated an ability to successfully execute and generate major market traction, either at a past company (e.g., Jack Dorsey at Square) or at their current one (e.g., Travis Kalanick at Uber). The investment is as much about the person as it is about the idea, which is at the heart of venture capital's "founder friendly" movement.
  • Con: The board of directors must be able to fire the CEO, or else it's really just a board of advisors. You may have invested in "the person," but sometimes that person changes or does something unforeseen that is extraordinarily damaging to one or more of the company's many stakeholders (other shareholders, employees, customers, etc.). With great voting rights comes no responsibility.

The latter argument is quite persuasive from a corporate governance standpoint. On the other hand, a young Facebook is probably sold to Yahoo if Zuckerberg didn't have the ability to say no. And Snap likely would be owned by Facebook (which is already owned by Yahoo in this scenario, all of which makes me want to write a wonderfully nerdy Choose Your Own Adventure book).

Again, these cases are outliers. Most entrepreneurs don't get voting rights in excess of their actual equity. But such outliers are where the most money is often at stake, so it seems that there must be some middle ground. Kind of like a limited no trade clause in pro sports, although the exact construction remains elusive.

Go deeper

Updated 2 hours ago - World

Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

The latest: Haitian police inspector Frantz Champagne identified the 400 Mawozo gang as the group responsible, in a statement to AP.

Hollywood union reaches deal with studios to avert strike

Photo: AaronP/Bauer-Griffin/GC Images

A Hollywood workers' union reached a tentative deal with studios, networks and streamers that will guarantee better working conditions, meal breaks and increased wages for low-paid workers, the International Alliance of Theatrical Stage Employees (IATSE) announced Saturday night.

Why it matters: The deal, which still needs to be ratified by IATSE members, will avert a nationwide strike by film and television workers that was set to start Monday. It would have been the first strike in the union's 128-year history.

Bill Clinton released from hospital following treatment for non-COVID infection

Photo: Tasos Katopodis/Getty Images/Bloomberg via Getty Images

Former President Bill Clinton was discharged from the University of California, Irvine Medical Center on Sunday, nearly a week after he was admitted for a non-COVID-related infection, according to his spokesperson Angel Ureña.

What they're saying: "His fever and white blood cell count are normalized and he will return home to New York to finish his course of antibiotics," wrote Dr. Alpesh Amin, who has been overseeing the team of doctors treating Clinton. "On behalf of everyone at UC Irvine Medical Center, we were honored to have treated him and will continue to monitor his progress."

Worth noting: Clinton had a urinary tract infection that spread to his bloodstream, per CNN.

  • The California-based medical team had been administering IV antibiotics and fluids, and was in constant communication with Clinton's New York team, including his cardiologist, according to the former president's physicians.
  • President Biden spoke by phone with Clinton on Friday to see how he was doing, and the catch-up included a discussion of recent politics.