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> Although other U.S.-based companies have publicly traded classes of non-voting stock, to our knowledge, no other company has completed an initial public offering of non-voting stock on a U.S. stock exchange. We cannot predict whether this structure and the concentrated control it affords Mr. Spiegel and Mr. Murphy will result in a lower trading price or greater fluctuations in the trading price of our Class A common stock as compared to the trading price if the Class A common stock had voting rights. Nor can we predict whether this structure will result in adverse publicity or other adverse consequences.

How does this differ from what Facebook and Google did? Did they offer stock that technically had voting power but in practice was massively outweighed by the founders' voting power? Whereas Snapchat is dispensing with such technicalities and just outright stating the founders control it?

When Facebook IPOed it had two classes of voting stock. Normal and super voting. They only offered the normal voting stock.

Facebook and Google both later offered non-voting stock, but not when they IPOed. Not sure if it really makes a difference overall, but unlike Facebook and Google there is no public Snap Inc. voting stock.

There is no non-voting FB stock yet. It's still tied up in a shareholder lawsuit.

In a way it is refreshing.

SNAP is coming out immediately and saying you are not going to have ANY say in how SNAP is being ran.

Facebook, Google and others have shown that general investing public does not care about having voting rights.

Why anyone would pay a similar price for non-voting stock versue a regular stock/super voting stock is something that I have trouble understanding.

I understand buying bonds, preferred shares, but this apparent anomaly in non-voting share pricing is beyond me.

In my view when you buy a share with diluted or non-existing voting power you are getting the worst of all worlds, no real say in the company and still you are the last in the line should something go bad with the company.

Basically you are placing infinite faith in those with the voting stock without any recourse. (Build a ten billion campus, sure, build a new base on the moon, build a mega dungeon, sure, etc etc)

Is there a good book out or coming out on the rise of non-voting stock?

Any resources fellow HNers recommend for understanding what value there is in non-voting stock?

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