Nvidia’s co-founder and former chief executive, Jen-Hsun Huang, held 3.58% of the company’s common stock, and so 3.58% of the vote, in Nvidia’s 2026 proxy statement. At Meta, Mark Zuckerberg holds 60.6% of the vote. Alphabet’s two founders hold 52.7% between them, CoreWeave’s three co-founders about 73.6%, both by our sum, and Anthropic’s seven co-founders are set to hold 61.3% after its listing, according to each company’s latest filing.
Bloomberg framed the reaction to the Nvidia exit on 13 November as a “Lesson in Founder Control”, in a newsletter whose readable summary says “Silicon Valley supporters say CEO shouldn’t have given up control to Nvidia board”. We set the six filings side by side. Meta’s founder holds about 17 times the share of the vote that Nvidia’s 2026 proxy gave its co-founder, by our arithmetic, and five of the six founder groups hold 38% or more, by our count.
Business Pill · Concentration Explained
An evergreen Business Engineer explainer on concentration, the general idea behind control held by a small group. It teaches the concept only and does not discuss share classes, Nvidia, Meta or any company in this piece.
The key insight: As we read the six filings, founder control at the big AI companies comes from share design, not share count: Zuckerberg’s 13.4% of Meta’s stock carries 60.6% of the vote, by our arithmetic, while Nvidia’s co-founder had one vote per share and 3.58% of the vote.
Each figure below is the founder share of the vote on matters put to stockholders generally, as the latest filing gives it, and each carries its own date. Our earlier comparison at the IPO measured vote against equity on the day each company listed; this one uses the latest proxy or information statement.
CoreWeave, about 73.6%. The 2026 proxy gives Michael Intrator 38.70% of the total voting power, Brian Venturo 20.30% and Brannin McBee 14.59%, as of 15 April 2026. The three figures add up to 73.59%, our sum. Each counts that holder’s own options, so the sum is approximate; all 12 directors and executive officers as a group hold 72.32%.
Anthropic, 61.3% after the IPO. Its amended S-1 of 10 November says that, based on holdings at 30 September 2026, the co-founders “will collectively hold approximately” 61.3% of the total voting power including their interests in a Founder LLC, and 11.2% excluding it.
Meta, 60.6%.Meta’s information statement of 2 November gives Zuckerberg 60.6% of the total voting power as of 1 October 2026, through 1,220,703 Class A shares and 341,215,148 Class B shares, which is 99.8% of the Class B stock.
Alphabet, 52.7%. The 2026 proxy gives Larry Page 27.4% of the total voting power and Sergey Brin 25.3%, as of 6 April 2026. Together that is 52.7%, our sum. All 14 directors and executive officers as a group hold 54.3%.
Oracle, 38.2%. Larry Ellison beneficially owned 1,158,375,174 shares, or 38.2% of the class, on 21 September 2026, the 2026 proxy says. Oracle has one class of voting stock, with one vote per share.
Nvidia, 3.58%. The proxy lists 870,604,104 shares, or 3.58%, as of 23 March 2026, and says stockholders have “one vote for each share of NVIDIA common stock”. Our piece on the 3.58% stake breaks down how those shares are held.
Share of the stockholder vote held by founders at six AI companies, from each company’s latest filing: CoreWeave (three co-founders, 15 April 2026, our sum of three table figures, each counting that holder’s own options), Anthropic (seven co-founders after its IPO, including the Founder LLC, S-1/A of 10 November 2026), Meta (1 October 2026), Alphabet (Page and Brin, 6 April 2026, our sum), Oracle (21 September 2026) and Nvidia (23 March 2026). Oracle and Nvidia have one class of voting stock with one vote per share.
How the Extra Votes Work
Four of the six use a second class of stock with more votes per share. At Meta, Alphabet and CoreWeave it is Class B: Meta’s filing says its Class B holders “are entitled to ten votes per share”, and Alphabet’s and CoreWeave’s proxies say the same of their Class B stock.
The gap between stock and vote is wide. Zuckerberg’s 342,435,851 shares are 13.4% of Meta’s 2,556,241,344 Class A and Class B shares, by our arithmetic, against 60.6% of the vote. CoreWeave’s three co-founders hold 113,561,209 shares across both classes, about 20.9% of the 542,967,052 outstanding on 15 April, by our arithmetic, against about 73.6% of the vote.
Meta is adding a non-voting Class C stock under a restated charter effective on 19 January 2027, the information statement says, so that it can issue equity “without diluting the voting power of the existing Class A and Class B common stock”. Under a Founder Alignment Agreement, Zuckerberg “generally cannot obtain liquidity in a significant majority of the non-voting Class C common stock” received in the dividend without a matching cut in voting power. Our piece on Meta’s capital plan has the $700 billion figure from the same process.
Anthropic’s design is different. A single Class F share held by the Founder LLC carries “an aggregate number of votes that equals 50.1% of the total voting power”, fixed, so new shares do not dilute it. A separate Class T share is held by the Long-Term Benefit Trust, which, the filing says, “generally has the power to elect a majority of the authorized members of our board of directors”.
The founders’ 61.3% therefore elects only the directors other than the Class T directors. Our non-voting stock explainer covers the other classes.
Oracle and Nvidia have one class each. Oracle’s proxy describes stockholders “who have voting power in proportion to their economic interest in our stock”, and Ellison’s 38.2% comes from owning that share of the company. Nvidia’s 3.58% works the same way, without a second class.
Share of stock held against share of the vote. Vote shares from Meta’s information statement of 2 November 2026 and the 2026 proxy statements of CoreWeave, Oracle and Nvidia; Meta’s and CoreWeave’s shares of stock are our arithmetic from Class A and Class B shares outstanding, and CoreWeave’s vote figure is our sum of three table figures. Oracle and Nvidia have one class, one vote per share. Alphabet and Anthropic are left out because their tables do not give a comparable share of stock.
What the Nvidia Filings Show
Nvidia’s proxy lists two holders larger than its co-founder: BlackRock with 7.43% and Vanguard Capital Management with 7.31%. All 14 directors and executive officers as a group held 3.94%. Its governance highlights read “All directors independent, except for our CEO”, and the ownership table names nine directors besides the co-founder. Our ownership guide lists the larger holders.
The Form 8-K says the board accepted, on 11 November, the resignation of Jen-Hsun Huang as President, Chief Executive Officer and member of the board, effective immediately. It appointed Colette Kress interim chief executive “while the Board conducts a search for a new Chief Executive Officer” and made Harvey C. Jones board chair. Our guide to the search covers the names reported since.
The FT asked in a 13 November headline, “Will Jensen Huang sell his $135bn of stock?” We could not read the article. On EDGAR, the latest Form 4 from the co-founder, filed on 18 September, reports 438,000 shares given as gifts on 17 September and 45,728 shares withheld for tax on 16 September at $212.17. The most recent Form 144 on EDGAR for the same filer is dated 29 October 2025.
Nvidia’s 10-Q for the quarter to 26 July lists trading-plan adoptions by director Aarti Shah, general counsel Timothy Teter and Kress. The 10-Q for the quarter to 26 April lists an adoption by director Tench Coxe, for gifts only, and a termination by Kress. Neither lists a plan for the then chief executive.
How the Coverage Frames It
Bloomberg’s Tech In Depth newsletter of 13 November, by Rebecca Torrence, gauged the reaction in Silicon Valley; its headline speaks of the Nvidia exit as a “Lesson in Founder Control”. The newsletter was for subscribers, and we read only the headline and its summary line.
In a Reuters video on 13 November, Asia markets correspondent Ankur Banerjee put the question for investors as whether Nvidia “will continue to bankroll the AI boom”. Banerjee said Nvidia had struck deals with customers and that “it is funding its own customers, such as CoreWeave and Naver”.
The vote counts above sit under both framings. The founders of CoreWeave, a company Banerjee named as an Nvidia-funded customer, hold about 73.6% of its vote, by our sum, while Nvidia itself gave its co-founder one vote per share.
The Structural Read
As we read the designs, they protect different things. Ten-vote Class B stock at Meta, Alphabet and CoreWeave moves with the founders’ share counts; Anthropic’s Class F is fixed at 50.1% of the vote, and its trust, not the founders, generally has the power to elect a majority of the board.
As we read the Nvidia proxy, the largest holders were two asset managers, BlackRock at 7.43% and Vanguard Capital Management at 7.31%, each about twice the co-founder’s 3.58%, by our arithmetic, and every director other than the co-founder was independent under Nasdaq rules.
Oracle Corporation, 2026 proxy statement, filed 25 September 2026
“Our executives, including Mr. Ellison, Oracle’s Founder, Executive Chair and CTO, are thus held accountable to stockholders, who have voting power in proportion to their economic interest in our stock.”
Three Implications
FOR INVESTORS At Nvidia and Oracle, voting power follows the shares held; at Meta, Alphabet and CoreWeave, Class A holders vote alongside founders whose Class B shares carry ten votes each, the filings say.
FOR ANTHROPIC’S IPO BUYERS The S-1/A fixes the Class F vote at 50.1% and gives the trust the power to elect a majority of the board; the co-founders’ 11.2% outside the Founder LLC is the part that moves with their share count.
FOR META HOLDERS The Class C stock under the restated charter, effective on 19 January 2027, carries no vote, and the Founder Alignment Agreement ties most of Zuckerberg’s Class C sales to a cut in voting power, the information statement says.
The framework describes the AI Supercycle as having “a layered industrial stack of nine layers, running from energy at the bedrock to governance at the ceiling”.
As we read it, founder voting control is part of that governance layer: the filings that set who elects the board at Anthropic, Meta and Alphabet show that Nvidia, at the silicon layer, ran on one vote per share. The framework does not discuss share classes or Nvidia’s board.
What Is Not Established
The six figures come from filings with different dates, from 23 March to 1 October 2026, and holdings may have changed since. Anthropic’s 61.3% is the filing’s figure for after the offering, which had not closed when we read it. The CoreWeave and Alphabet totals are our sums of individual figures, and the CoreWeave sum counts each holder’s own options.
Bloomberg’s framing rests on supporters it spoke to, and we read only its summary. We read only the FT’s headline. None of the filings we read says how a different share structure would have affected the Nvidia board’s decision. We did not contact the companies for this piece.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
Nvidia’s co-founder held 3.58% of a one-vote-per-share company, less than either of its two largest asset managers. At Meta, Alphabet, CoreWeave and, after its IPO, Anthropic, founder groups hold between 52.7% and about 73.6% of the vote, through ten-vote shares or, at Anthropic, a fixed 50.1% share, while the trust there generally has the power to elect a majority of the board. The next filings to watch are Anthropic’s final prospectus and Meta’s Class C charter, effective 19 January 2027.
A note on sourcing. We read, on SEC EDGAR on 13 November 2026, Nvidia’s 2026 proxy statement, its Form 8-K of 12 November and the Item 5 disclosures of its two fiscal 2027 10-Q reports; the EDGAR filing record of Nvidia’s co-founder, including the Form 4 filed on 18 September; Meta’s information statement of 2 November; the 2026 proxy statements of Alphabet, CoreWeave and Oracle; and Anthropic’s amended S-1 of 10 November.
Vote shares are the figures each filing gives; the CoreWeave and Alphabet totals, the Meta and CoreWeave shares of stock, the 17-times multiple and the count of five groups at 38% or more are our arithmetic. We read only the headline and summary of Bloomberg’s 13 November newsletter, only the headline of the FT article, and the Reuters video as transcribed by MarketScreener. We leave out personal material and do not name private individuals. We did not contact the companies for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
