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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The slide uses a table to break down voting power by share class for specific founders.",
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      "text": "Spruce Point does not favor owning companies with multiple classes of stock, especially when common shareholders have limited say in governance matters. Zillow's actively-traded Class C shares carry no voting rights. Two of Zillow's founding members hold 59% of the voting power which allows them to exercise authority over institutional investors and Board members.",
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      "kind": "callout",
      "text": "Two of Zillow's founding members hold 59% of the voting power which allows them to exercise authority over institutional investors and Board members.",
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      "text": "Total Vote %: 59.2%",
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      "text": "Source: Zillow proxy statement",
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      "text": "Note: Class A entitled to one vote, Class B ten votes, and Class C caries no votes",
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      "text": "Voting Analysis of Zillow Co-Founders table",
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      "text": "Zillow's Two Co-Founders Have Voting Control",
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