Google actually has three classes of shares. Class A common stock with normal voting rights, listed as GOOGL, Class B common stock which has 10x voting rights and over 90% of which is owned by Larry Page Sergey Brin or Eric Schmidt, and Class C capital stock with no voting rights traded under GOOG.

Beyond investor routs and its massive downstream consequences.. The are legal ramifications.

The board and Zuck as fiduciary responsibility to the majority of shareholders. There is a reason why ever board member gets directors insurance.

If Zuck doesn't do the right thing and continues to make irresponsible gambles, the shareholders can sue him.

This is also not theoretical either, there are already suits (unrelated): https://www.politico.com/news/2021/09/21/facebook-paid-billi...

You can sue anyone for anything but company directors can more or less do anything they want. Are they winning?

Yes dual class shares means most modern tech companies are de facto dictatorships but that doesnt change the point. Sergey's boss is the shareholders.

This is not theoretical. The most infamous example of one sided dual class shares is Meta. Zuckerberg decided to throw the middle finger to the board and share holders, highest employee growth in FAANG..

He ignored activist shareholder letters like the one from Brad Gerstner and now the stock is collapsing, way beyond the corrections the rest of big tech faced.

He has already began course correction but lets say he instead Zuck decided to double down. You can easily see more rounds of shareholder rout.