How Zynga's CEO Will Hold Onto All the Power

October 31, 2011 -

According to a Wall Street Journal report, Zynga's latest IPO filing reveals that company CEO Mark Pincus will have "super voting shares" so that he can maintain control of the company. Basically Pincus's shares will carry 70 votes per share, as opposed to regular shares which will give stockholders one vote per share. While Zynga's five venture capital investors will hold a larger combined economic stake than Pincus, he will hold a larger percentage of the company's votes.

According to Zynga’s newly amended IPO filing, Pincus will have around 38.5 of the company's overall voting power, despite owning only 16 percent of the company’s Class B shares. When it comes to Class C shares, he has 100 percent of the power because they give him 70 votes per share. Zynga investor Kleiner Perkins Caufield & Byers hold about with 8.4 percent of the voting power.

On a related note, the amended IPO filing also reveals that Zynga has chosen NASDAQ to trade its shares using the stock symbol ZNGA.

Source: [a]ListDaily


 
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