All of the risk with none of the control, for shareholders; also see Why Dell Is Using Tracking Stock for Its EMC Bid (BloombergBusiness)
"They can trade tracking stock like conventional stock, but unlike VMware shareholders, the holders of the tracking stock can’t vote on board members, executive pay, and other issues involved in running the company.The Dell-EMC deal brings tracking stocks back to the forefront - The Boston Globe
In the 1990s, tracking stocks were frequently used by businesses such as AT&T and Walt Disney Co. to highlight Internet-based divisions whose values, they believed, were not adequately reflected in the companies’ overall share prices. Tracking stocks fell out of favor after the tech bust, not only because their values plummeted, but because the crash highlighted the confusion around the security, Billett said. Investors weren’t sure what exactly they owned or what their legal rights were."