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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'.
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