1. Snap Makes Money for No One, Except Insiders

    Snap Makes Money for No One, Except Insiders

    As a private company worth more than $1 billion — the definition of a ... lots of money, which quiets any discontent about their corporate governance...

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    1. It's hard to see how this will end up well for ordinary shareholders.
    2. One could make the argument that Snap went public too early, prior to definitively carving out a profitable, defensible path from Facebook and Instagram.
    3. Snap made itself the poster child for nonvoting public stock.
    4. Snap's board is functionally about as useful to shareholders as a screen door is to a submarine.
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