Office chat app Slack’s direct market listing has proved the staying power of dual-class stock. The share may have dipped since opening at $38.50 but it trades at a premium to the top price paid in private markets.

The S&P and Dow Jones indices can ban companies with dual-class shares from joining the benchmark indices. The Council of Institutional Investors can call them egregious. But public companies that concentrate voting power are now the norm in Silicon Valley. This is largely connected to the myth of a founder’s preternatural understanding of their business. Successful early adopters help...

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