As readers of Rotary Gallop know, Control is almost always very different from what percentage ownership implies. I calculated control among the shareholders at Square based on the ownership numbers in Thomas's article and thought you might be interested.
Two interesting points:
- Jack Dorsey retains much more significant control than one might have guessed. With 28% ownership he retains ~75%control and an ~87% chance of winning a shareholder vote.
- Also very interesting is that while Khosla owns nearly twice as many shares as McKelvey they have nearly identical control!
One thing that probably does apply to square is that VCs have preferred shares that vote without common for veto rights on certain issues. This however doesn't change the calculations, it just mean they apply only to the majority of things that do not require a special preferred vote.