On the 29^th of July 2021 Robinhood listed shares on the NASDAQ exchange. Despite issuing public shares, Robinhoods co-founders retain an extraordinary level of control over the company. Robinhoods dual class structure means the common shares carry one vote, while the preferred shares held by its co-founders Vlad Tenev and Baiju Bhatt carry 10 votes per share. Vlad Tenev and Baiju Bhatt own approximately 16 per cent of the companys shares yet control 65 per cent of the votes.

Discuss how such asymmetric voting rights structures can be detrimental to the macro-economic objective of exchanges in secondary markets.