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robocatyesterday at 8:59 PM0 repliesview on HN

Founders get common stock - class A voting.

VCs get preferential shares, not common. Preferential shares have economic rights to protect the investors, but more importantly they usually have extra control rights like veto abilities, board seats, IPO control, or ability to sack the founder (which may even cut out the founder's voting rights by sunsetting their class A common into class B common shares).

Employees get a third tier of stock (e.g. options that convert to non-voting class B common shares).

After IPO the preferential sheets becomes common shares. The dual A class may be removed or have sunset clauses because large public investors prefer one plain common share class.

Not a VC - so take above as written by a student. Founders in zero sense have the same voting control as VCs.

Edit: VCs play the same game over and over again, against different innocent founders. VCs know how to stack everything in their favour - especially using social cues and "norms" that benefit them. My favourite article on this is: https://siliconhillslawyer.com/2019/02/18/relationships-and-...