⚡️Huang Renxun was swiftly fired by the board. Was it because he didn't understand dual-class shares? Or was it simply bad timing? Brothers and sisters, this is a truly tragic story: Huang Renxun worked tirelessly for 33 years, building Nvidia into an AI chip empire, only to discover his hand: he held a mere 3.58% of the voting rights. One share, one vote—empty-handed! How absurd is this? A "godfather of AI," wielding immense influence on stage in a leather jacket, was treated less than a high-level employee by the board. They didn't even need to argue; a simple "Thank you for your hard work, the door's over there," and he was shoved out. He had virtually no chance to resist. Isn't that tragic? In today's new era of dual-class share structures, Huang's original design for Nvidia's share structure was incredibly naive, like child's play. Look at how the bigwigs in Silicon Valley operate today: Zuckerberg, with only 13% economic equity, holds 61% of the voting rights through dual-class shares (A and B shares), making him virtually untouchable. Musk, with 82% of the voting rights in SpaceX, and Tesla relentlessly pursuing 25%, is also untouchable. Even OpenAI and Anthrapic have long used various "institutional mechanisms" to tightly lock in control. Many laugh at Huang Renxun for being naive and forgetting to establish dual-class shares for himself. But the truth is extremely poignant and unfortunate: he wasn't ignorant; he was simply born at the wrong time. Nvidia went public in 1999, when the absolute mainstream in Silicon Valley was one share, one vote; dual-class shares were nonexistent. It wasn't until Google's IPO five years later that a new era of "founders holding super voting rights" began. And Nasdaq has an ironclad rule: after listing, no additional privileges can be added to oneself. He caught the last train of the old era but missed the first-class ticket of the new era. For 33 years, he sat firmly on his throne thanks to the trust of 99% of his shareholders. But he forgot that trust is not a system; it can be withdrawn at any time. Once a scandal crossed the line, those six votes could wipe him out instantly. This bloody lesson is not only for Silicon Valley but for all entrepreneurs: On the gambling table of capital, never test the rules with your performance and trust. Either, weld a moat of absolute power around yourself from the very beginning; or, sooner or later you will become that perfect employee who gets swept out of the door. Hopefully, when Lao Huang starts a new company next time, he will remember to design a perfect equity structure like Liang Wenfeng of DeepSeek, firmly grasping the controlling stake in the company. Learn from your mistakes!