> I think this is a perfect free market reaction to companies not having voting stock. It's probably as good a reaction as we're going to get, but what in the

> I think this is a perfect free market reaction to companies not having voting stock. It's probably as good a reaction as we're going to get, but what in the world is free market about it? A free market reaction would be something like: "Active investors decide that Snap's governance will lead to poor outcomes, and avoid it, driving the share price down. Future IPOs pick better governance structure in order to obtain higher share price." Nothing of the kind happened. This is about a single company making a decision, not about markets at all.