4 ms·
The 2 founders own majority share of voting rights so facebook could not unless they agreed to it
by mrep 9y ago
The 2 founders own majority share of voting rights so facebook could not unless they agreed to it
- skuhn 9y agoSnap went beyond just retaining a majority of voting control with the founders. Due to the share structure, the two Snap founders control 88.5% of the voting rights. Their shares are worth 10x, and publicly traded shares are worth 0x. Anyone with holdings in Snap who aren't named Evan Spiegel or Bobby Murphy have only one option: sell the stock and recoup whatever they can. That's what people are doing. Snap's share price will not substantially recover, and there won't be a return from an acquisition until the business completely runs out of money.
- rrhd 9y agoThat alone is almost enough to make me want to see them crash and burn.