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Snap Founders Angle For Majority Control, Post IPO

Post IPO, Snap’s founders plan to retain management control of the company, The Wall Street Journal reports. Regarding Snap co-founders Evan Spiegel and Bobby Murphy, The Journal writes: “The men are going further than tech firms typically do: Investors won’t get any voting power with shares purchased in Snap’s initial public offering.” Under the proposed arrangement, “The two are expected to hold more than 70% of the voting power despite owning roughly 45% of the stock.”

Read the whole story at Wall Street Journal »

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