Mark Zuckerberg Signed the Wrong Document - Bloomberg View: "I tend to think that these innovations are cool. Different companies might well want different financing and governance and liquidity structures, and voluntary experiments among consenting adults should be encouraged. If founders want dual-class stock and smart venture capitalists want to give it to them, go right ahead. But the public markets are for everyone, and not everyone is a consenting adult. The public markets are full of widows and orphans who expect the default structures of ownership. They are also full of plaintiffs' lawyers who enforce those structures. If you are a unicorn with your own ideas of how you should relate to your shareholders, the public markets may not be a welcoming place.
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