Snap's IPO investors will get no say
Snapchat's parent company is taking "founder control" to another level as it inches toward an IPO later this quarter. The company is planning to issue non-voting stock to investors in its IPO, as it did in its previous private funding round, according to the Wall Street Journal. In November, The Information spotted the move in a newly filed document in Delaware.
What this means: Evan Spiegel and Bobby Murphy will have more than 70% of the voting power and 45% of the stock.