Fun aside, the analysis is impartial because it& #39;s only looking at Class A (1 Vote per Share) and Class C ( 0 Vote per share).

Class B (10 votes per share) don& #39;t trade publicly on the open market.

So using this & #39;premia& #39; is fruitless.

Mini-Thread below. https://twitter.com/mgnr_io/status/1379273776517558274">https://twitter.com/mgnr_io/s...
If you know Google, you know Sergey and Larry were pioneers of the no-vote, capital shares only phenomena in the early 2010s.

They were unyielding with their vision and refusal to relinquish control of the company.
Here& #39;s how the economic ownership and the voting power really look like.
So Class B effectively controls 60% of Alphabets future. And Sergey and Larry own ~85% of B Shares.

They control 51% of the company.
Maybe there is a kernel of truth of comparing A and C

But say you were insanely wealthy, you would need to purchase 300.7 million shares of A to own 40% of the company going forward.

It would cost you a casual $678 Bbbbbbullion.
I mean... let& #39;s assume you were Uncle Warren or Daddy Bezos rich, why would anyone purchase $678 billion of stock to effectively be a lap-dog to Sergey and Larry?
So we need ask ourselves what the premium of Class B shares are?

This is more speculative, but the share price of B wouldn& #39;t be linear.
The first 5% -10% of B would contain a massive premium and scale down because if you able to own just 5-10% of B, you would change the destiny of Alphabet forever.

Said differently, Brin & Page would chop off their arms for 1.51%.
So they explicitly control 51%, and we don& #39;t even know how much implicit control they have as tactical founders...poison pills, comp committee influence, black-balling members, etc...
We also have to ask what the value of google would be if they weren& #39;t stewards of the company.... no two companies are like b/c management is different across the board.
I don& #39;t mind @StaniKulechov running the show at
@AaveAave and I might be happy to purchase at a slight discount (if it wasn& #39;t governance token).

But someone might not see it that way, and think those shares are less valuable because he& #39;s a terrible founder.
Here& #39;s a little finding:
& #39;In the United States. Lease, McConnell
and Mikkelson (1983) found that voting shares in that market trade, onaverage, at a relatively small premium of 5-10% over non-voting shares.& #39;
& #39;Premiums of a magnitude similar to those found in the United States (5-10%) were found in the United Kingdom and Canada. Much larger premiums are reported in Latin America (50-100%), Israel (75%) and Italy (80%).& #39;
All of this to say, governance is valuable... even if you can& #39;t see it in today& #39;s environment.

Once our legal infrastructure catches up to DAOs and proposals -- it will eventually -- it won& #39;t be & #39;muh useless governance token& #39; .
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