SNAP

Regardless of whether SNAP will ever make a cent of profit, or anything relating to the business model, the governance structure always was, and is, a disaster for shareholders.  Why anybody bought this stock is beyond me.  Just because Facebook got away with the same bullshit and shareholders have done well, does not make it a good structure, and it should have never been acceptable.

I suspect this concentration of power in the founder will not be part of future tech IPOs after this.