TLDR Founders · STRATEGIES & TACTICS

SHAREHOLDER VOTING IN STARTUPS: COUNTING THE VOTES THAT COUNT

ilyastrebulaev.substack.com24 min read

Summary from the TLDR Founders newsletter

The percentage on your cap table is not the number that decides anything. Supermajorities increase the veto power of investors. One transaction may have to clear two or three separate majorities. The drag-along can compel shareholders to approve a sale that pays them nothing.