Currently (2020 October 30), Class A Google stock (GOOGL), which has voting rights, is selling for less than its non-voting Class C stock (GOOG).
This seems backwards.
Why would this ever be the case?
Class C's liquidation preference should be above Class A. And as you mentioned, Class C is better protected. If you don't have any voting right to protect yourself, you must have more contractual rights to protect yourself. So security concern is the reason.
This seems indicate that the voting right for each share is less worthy than liquidation preference, at least for this time.
With some googling you could find the top results saying that the bankruptcy probability of GOOG is 1.0% or 2.0%, which is significantly lower than the bankruptcy probability of an average US listed company. GOOGL trades about 0.2%-0.3% higher than GOOG, which seems be taking account of the 1.0% bankruptcy risk. Additionally, during the COVID, the bankruptcy risk of many firms have been increased.
You are right that normally
GOOGL is traded slightly higher than
GOOG thanks to its voting right.
But at the end of the day, the price of anything, Google shares included, is determined by supply and demand. At any given moment,
GOOG can trade higher due to share buyback, short squeeze, large purchase by institutions, etc. (actual events or the anticipation of them).
I do expect, however,
GOOGL trades higher than
GOOG after such extraordinary events.