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Trump’s Cabinet Picks, Panned in Washington, Thrill Many of His Voters
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Where Donald J. Trump’s critics see underqualified nominees with
questionable judgment, his voters described them as mavericks recruited to
shake up Washin...
21 minutes ago
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GOLDEN SHARES ...
The Google founders vowed to “do no evil.” Now Zynga’s Mark Pincus is promising in an open letter to potential shareholders that his company will be a “meritocracy.”
Except that in his meritocracy, Pincus has created a class of stock just for himself. He’ll have 70 votes for every supershare of Zynga he owns. Other corporate insiders have been granted stock carrying seven votes per share.
And for anyone else choosing to buy a small piece of Zynga, which is slated to go public on Friday? Sorry, the roughly 100 million shares being offered to the masses don’t carry the same voting rights as Pincus’s supershares or those owned by other insiders. They’ll cost the same but provide a mere one vote per share.
In other words, Zynga, producer of such wildly popular online games as FarmVille and Words With Friends, is happy to take your money as it moves ahead with an IPO expected to raise about $1 billion from the public. It’s just not interested in giving you much of a say over how it runs what ostensibly will be a publicly owned company.
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