Voting Power — Glossary

The longer version

Voting power is the share of the total votes that a holder can cast on matters such as electing directors or approving a merger. It is worked out by multiplying the number of shares by the votes each share carries, and dividing by the total votes available.

It can differ sharply from economic ownership. In a company with two classes of shares, a founder who owns 15 percent of all the shares may control a majority of the votes if their shares carry ten votes each. Investors who own most of the economic value may have little say.

Voting power matters for takeovers, governance and shareholder proposals. It is also the test used to decide whether a company counts as controlled.

In the ownership tables of a prospectus or proxy statement, compare the percentage of shares owned with the percentage of voting power for each major holder, and note which holders act together.

Where we use “Voting Power”

Tech BusinessWhat Anthropic's S-1 Shows, and What Is Only Reported
Anthropic's S-1 names a ticker, an exchange and 22 underwriters but leaves the offering size blank. We separate what the filing documents from the $100 billion raise that is only reported.
Nov 1, 2026
Tech BusinessMeta's $97.5 Billion Fundraise
Meta's $97.5 billion headline bundles three pieces at three stages: $12.5 billion closed, $25 billion contracted for later cash, and a $60 billion plan with no agreement yet. Here is what each stage means for when Meta can spend the money and when dilution begins.
Nov 1, 2026

The longer version

Where we use “Voting Power”

Get the Core in your inbox.