https://www.sec.gov/Archives/edgar/data/1467623/000119312518078140/d451946ds1a.htm
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"Salesforce Ventures LLC has entered into an agreement with us pursuant to which it has agreed to purchase $100,000,000 of our Class A common stock in a private placement at a price per share equal to the initial offering price."
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"Following this offering, outstanding shares of Class B common stock will represent approximately 98.0% of the voting power of our outstanding capital stock."
As is the norm for tech companies going public these days, Dropbox has multiple classes of shares with different voting rights. Class A shares have 1 vote, Class B shares have 10 votes, and Class C shares are nonvoting. MarketWatch pointed out last week that Dropbox's structure still gives heavy voting power to the founders and key investors, but it's "slightly" better than the one rolled out by Snap a year ago, in which ordinary investors don't get any voting rights.
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Cofounder and Chief Executive Drew Houston owns 38.3% of the class A shares and 24.3% of the Class B shares, for 24.4% of the total voting power.
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Venture-capital firm Sequoia Capital actually has more power than Houston, with 25% of the Class B shares and 24.8% of total voting power.
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Cofounder Arash Ferdowski has 9.9% total voting power, mainly consisting of Class B shares.
Submitted March 12, 2018 at 11:36AM by toomuchtodotoday http://ift.tt/2p5ikex
