The fundamental reason is that Nvidia doesn't have a dual-class share structure. Generally, they would use an A/B share structure. This grants founders a higher voting power per share (usually 10 votes), while public shareholders hold only 1 or 0 votes. This allows founders to control an absolute or relative majority of voting rights even with a relatively small economic stake. Comparing with other companies: 1. Meta (Mark Zuckerberg): Approximately 13.4% economic stake corresponds to approximately 60.6% voting rights. In 2026, the company further established Class C non-voting shares for financing, equity incentives, and acquisitions. Simultaneously, a "binding agreement" restricts Zuckerberg from selling most of his Class C shares, preventing dilution of his voting control. Class B shares typically automatically convert to Class A upon transfer. 2. Alphabet (Larry Page and Sergey Brin): A three-tier structure, with founders holding approximately 12% economic stake corresponding to approximately 52.7% voting rights. In 2014, they distributed Class C shares to achieve subsequent financing and employee incentives without diluting voting rights. 3. SpaceX (Elon Musk) explicitly adopted a dual-class share structure during its 2026 IPO, with some design elements granting Class B shareholders the right to elect a majority of board seats. The result is approximately 46% economic interest corresponding to approximately 82%–85% voting rights. This allows Musk to maintain absolute control of the company after the IPO. 4. Compare to NVIDIA. Since its 1999 IPO, NVIDIA has consistently used a single-class common stock system with one share, one vote. Jensen Huang's approximately 3.58% shareholding corresponds to 3.58% voting rights, with no super-voting protection. The board can remove executives by a majority vote according to the bylaws without proving misconduct. The essence of this structure is the separation of economic interest from control. Founders can dilute their shareholding through multiple rounds of financing while retaining control over the company's strategic direction, board composition, and major decisions.