Zuckerberg Sold $1B in Meta Shares — And Still Controls 61% of Voting Power. Here's the Math.

A founder sells a billion dollars in Class A shares. The filing shows a declining stake. Social media declares they're "losing faith in their own company." Meanwhile, the founder still holds Class B shares with 10x voting power and controls the entire board. Dual-class share structures create the most consistently misread signals in SEC filings. How dual-class structures work Many tech companies issue two or more share classes with different voting rights: Company Class A (public) Class B (founder) Voting ratio Meta 1 vote/share 10 votes/share 10:1 Alphabet 1 vote (GOOGL) 10 votes (not traded) 10:1 Snap 1 vote (SNAP) 10 votes 10:1 Berkshire 1 vote (BRK.B) 10,000 votes (BRK.A) 10,000:1 Class A shares trade publicly. Class B shares are typically held by founders, early investors, or the company's inner circle. Why this distorts insider signals The selling illusion When a founder sells Class A shares: Form 4 shows shares disposed Screeners flag "insider selling" Class A ownership percenta