The Dual Class Dilemma: Separating Fact from Theory The SpaceX IPO has reignited a decades old debate about dual class shares, sparking questions about whether they serve or sabotage shareholders.
Some governance experts view them as a "holy grail" of one share one vote absolutism, while others see them as a pragmatic tool for exceptional leaders to build and sustain their companies.
At the heart of this controversy lies a fundamental misunderstanding of agency theory, which has become a cornerstone of corporate governance doctrine.