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As a private company worth more than $1 billion — the definition of a ... lots of money, which quiets any discontent about their corporate governance...
It's hard to see how this will end up well for ordinary shareholders.
One could make the argument that Snap went public too early, prior to definitively carving out a profitable, defensible path from Facebook and Instagram.
Snap made itself the poster child for nonvoting public stock.
Snap's board is functionally about as useful to shareholders as a screen door is to a submarine.