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The Conversation
Gregory H. Shill, Professor of Law & Michael and Brenda Sandler Faculty Fellow in Corporate Law, University of Iowa

The founder kings of Silicon Valley: Dual-class stock gives US social media company controllers nearly as much power as ByteDance has over TikTok

When Congress passed a law in 2024 to ban TikTok unless it came under U.S. ownership, lawmakers argued that the app’s Chinese parent company posed national security concerns. The Trump administration, which had granted the viral video app a reprieve shortly after taking office in January 2025, extended that pause again on April 4 after the Chinese government reportedly scuttled a planned deal.

Regardless of how this all shakes out, the TikTok fight underscores deeper concerns about who controls social media in the United States.

Given that worry, it might surprise Americans to learn that nearly every social media giant is controlled by just one or two men. For example, Mark Zuckerberg controls Meta, which owns Facebook, Instagram and WhatsApp, while Larry Page and Sergey Brin control Alphabet, which owns YouTube and Google.

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