WeWork joins a growing number of companies that give extra votes to insiders. But CEO Adam Neumann will have more votes than his peers.
allowing the executives to maintain control over their companies.
The We Company — WeWork's parent corporation — will have three classes of shares, it disclosed Wednesday in the paperwork. Class A shares, which will trade publicly after its IPO, will have one vote per share. Class B and Class C shares, nearly all of which are owned or controlled by Neumann, will have 20 votes each.
"Upon completion of this offering, Adam Neumann will own or control more than 50% of the total voting power of our capital stock and, as such, we will be a controlled company," We Company warned prospective shareholders in its IPO filing."For so long as we are a controlled company," We continued,"you will not have the same protections afforded to stockholders of [other] companies.
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