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New investors won't get votes in Snap IPO

Like many technology entrepreneurs, the founders of Snap Inc. (Private:CHAT) want to retain management control of the ephemeral messaging company, even as they sell shares to the public.
In one respect, the men are going further than tech firms typically do: Investors won't get any voting power with shares purchased in Snap's IPO, WSJ reports.
That leaves key decisions, such as the makeup of the board, primarily to Evan Spiegel and Bobby Murphy. The two are expected to hold more than 70% of the voting power despite owning roughly 45% of the company's stock.
| 10:32 AM ET | 7 Comments