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Episode 32: The Snap Inc. IPO
Acquired
Snapchat CEO, Evan Spiegel, Gets a Bonus of an Additional 3% of the Company
There are actually three classes of Snapchat shares. There's what they're selling to the public, you get no votes. There's shares that existing investors, VCs have in the company, they get one vote and then there's shares that Evan Evan and Bobby have and they get 10 votes. And if Evan and Bobby ever sell their shares, then they automatically convert to the other investor shares. If something happens to one of them, the other gets essentially full voting control and perpetuity of the company.
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