this post was submitted on 20 Aug 2023
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[โ€“] Autisticky@hexbear.net 5 points 1 year ago* (last edited 1 year ago) (2 children)

Google's shares are divided into two types, Class A and Class C. Class A shares, traded as GOOGL, confer one vote per share as a typical stock would. Class C shares, traded as GOOG, confers no voting privileges. This dual shares system was done to raise more money selling less useful Class C shares (intended for mutual funds and the like) while keeping control of the company in the hands of those held on to Class A shares (i.e. longtime executives).

[โ€“] Chapo0114@hexbear.net 1 points 1 year ago (1 children)

Ah, thanks for the info. That's actually what I suspect is happening with the new fractional shares thing, but the brokerage is the one retaining control.