U.S. Markets close in 1 hr 31 mins

Zynga Founder Gives Up Voting Control

Rebecca McClay

At a time when many technology companies are keeping a tight hold on their company operations through their share structures, Zynga Inc.’s ( ZNGA) founder is taking the opposite tack. The online game maker’s former CEO and founder Mark Pincus has converted all of his “super-voting” Class C shares (70 votes per share) and Class B shares (seven votes per share) into common Class A shares with one vote per share. Essentially, Pincus gave up his voting control by paring down his voting power from 70% to 10% and creates a single-class share structure for the San Francisco-based company.