A structure with two or more classes of stock carrying different voting rights, letting founders keep control after listing.
双重股权结构
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 50.1% | Anthropic's $80 billion loss is a mirror of its valuation 双重股权结构 · 第 9 张术语卡 | A single Class F share gives the founders 50.1% of votes; the shares sold to the public are capped at 49.9%. 双重股权在科技公司很常见，争议点是「经济权利与投票权利分离」：公众出钱，创始人决策。Anthropic 还多一层——长期利益信托持有一股 T 类股票，可以选出董事会多数席位，把「安全使命」写进了控制结构。买这类股票，买的是管理层的判断力，不是自己的表决权。 |