Today many start-ups implement a dual-class structure whereby the founders’ common stock confers 10 times the voting rights of other stockholders. Historically, family-owned companies have used dual-class stock to reap the benefits of liquidity through an IPO without giving up control. Ford Motor Company is one example: When it went public, in 1956, it created a special class of stock that gives Ford family members 40% of voting shares, despite holding just a 4% economic interest in the firm. Berkshire Hathaway, News Corp., Nike, and The New York Times Co. are other examples. In its 2004 IPO Google was the first tech company to implement dual-class ownership. Facebook, Zynga, Snap, Workday, Square, and others did the same in their IPOs. Dual-class shares give these publicly traded companies the freedom to operate without fear of undue influence by hedge funds.