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.

In context: While a bit more extreme than past cases, dual-stock structures aimed at leaving founders in control are not unseen, especially in Silicon Valley. Facebook and Google are two well-known examples. The rationale is usually that the founders want to keep taking big bets or having flexibility without a board telling them what to do (too much).

The fine print: Snap's setup also includes some protections for public investors, according to the WSJ's sources. If the founders' stock falls below 30%, all shares will convert to common stock. And if either founder dies, his shares can't be transferred—a clear signal that Snap believes the founders have a unique vision for the company that can't be imitated.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 12,128,406 — Total deaths: 551,552 — Total recoveries — 6,650,675Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 3,088,913 — Total deaths: 132,934 — Total recoveries: 953,420 — Total tested: 36,979,745Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.

More young people are getting — and spreading — the coronavirus

Illustration: Annelise Capossela/Axios

More young people are being infected with the coronavirus, and even though they're less likely to die from it, experts warn the virus' spread among young adults may further fuel outbreaks across the United States.

Why it matters: Some people in their 20s and 30s face serious health complications from COVID-19, and a surge in cases among young people gives the virus a bigger foothold, increasing the risk of infection for more vulnerable people.

Judge asks full appeals court to review panel's dismissal of Flynn case

Photo: Alex Wroblewski/Getty Images

D.C. District Judge Emmet Sullivan on Thursday petitioned for the full D.C. Court of Appeals to rehear a three-judge panel's decision to order the dismissal of the case against former national security adviser Michael Flynn.

Why it matters: The panel's 2-1 decision could be overturned by the full 11-judge appeals court if it decides to take up the en banc review.