The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Tech IPOs are, at their core, giant liquidity events for founders. But Twitter is a little different, and it remains to be seen if that's a good thing or a bad thing.
Even though the company will instantly get a public value of up to $10 billion or more, none of the insiders can cash out right away. And only one of the top shareholders will become a billionaire—and he's no longer an employee of the company.
According to the company's S-1 filing with the Securities and Exchange Commission, the largest individual shareholder is Evan Williams, the company's former CEO. He has 12 percent of the company, or 56.9 million shares. He will become the only paper billionaire created by the IPO, with a paper net worth around $1.2 billion, if Twitter gets a valuation of just under $10 billion.
(Read more: No more secrets: Twitter IPO is now public)
Jack Dorsey, who is often the public face of Twitter, has a 4.9 percent stake, or 23.4 million shares, and could be worth around $470 million. By comparison, CEO Dick Costolo has around 7.5 million shares, giving him around $150 million, and venture capitalist Peter Fenton, who sits on Twitter's board, has a 6.7 percent stake, or 31.6 million shares, worth about $630 million.
Biz Stone, who many regard as the founder of the concept behind Twitter, has no shares, presumably since he sold his stake in one of the earlier offerings. The company has already raised more than $1 billion in funding rounds.
The rest of the big shareholders are outside investors like Yuri Milner, Union Square Ventures and others.
Of course, these stakes could rise if the stock does, and Twitter could mint more billionaires in the future. But the lack of a big shareholder with a supermajority could be seen as a sign that Twitter is a more democratized, professional company not tied to one person's decisions.
(Read more: Here's how much stock Twitter execs own)
But Twitter's lack of a central shareholder/founder—like Facebook's Mark Zuckerberg, Netflix's Reed Hastings or the Google guys—could also be a problem. The combination of a visionary entrepreneur with a concentrated stake in a company has proven powerful in Silicon Valley. It remains to be seen whether spreading the wealth—and the decisions—can also be a recipe for success.
—By CNBC's Robert Frank. Follow him on Twitter: .
"Secret Lives of the Super Rich"
An all-new series airing Wednesdays at 9 p.m. ET/PT. |http://superrich.cnbc.com