Founders without Limits

Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs from Google and Facebook to new kids on the block such as Snap Zoom and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO without losing the control they desire to pursue their long-term market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock evaluates the conceptual and empirical evidence on dual-class stock and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses which will more effectively attract high-growth innovative companies to the UK equity markets boost the economy and unleash the true potential of ''founders without limits''.