Snap Inc. (Snap), developer of the messaging app Snapchat, was popular for its primary demography, transient messaging service, and smart advertising strategy. In 2017, the company filed the biggest tech Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC). In its IPO filing, Snap clearly mentioned that the public offering would not possess any voting rights and its two co-founders would maintain voting control over the company. The move was considered as an attempt by the company to retain control within the fold of the executives, including the co-founders, and protect its governance from getting into the hands of fund managers. Its non-voting stock deal attracted mixed reactions from investors. Snap faced severe criticism from institutional investors over its unprecedented plan to issue non-voting shares. In a New York Times piece, Steven Davidoff Solomon, law professor at University of California, Berkeley, referred to Snap’s IPO as “the most stockholder-unfriendly governance in an initial public offering, ever.” The company earned the dubious distinction of being the first ever US company to go public with no-voting rights to its stock market investors...

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