Snapchat primogenitor company
Snap filed for IPO today — and if one thing is clear, it’s
just how much the startup and its intensity $25 billion valuation
count on cofounders Evan Spiegel and Robert Murphy.
You can review
Snap’s IPO filing for yourself here.
The brief chronicle is that Spiegel and Murphy are considered
indispensable to the company, and that they’d keep total
control over the company, even if one or both of them were fired
by the house of directors — which, interjection to their high
grade of control, would only occur if they incited on each
And if one of them dies, then 9 months later, the remaining
cofounder would be means to “exercise voting control over
the superb collateral stock.”
In other words, the filing indicates that there is no
Snapchat with Spiegel and Murphy, and their control is going to
last for a very prolonged time.
The important pieces about Spiegel and Murphy from the filing
are as follows:
On a weird, dark note, the filing also records that
“Mr. Spiegel and Mr. Murphy are high profile
people who have perceived threats in the past and are likely
to continue to accept threats in the future.” In other words,
Snap is warning that the two men may be confronting risk from crazed
Mark Zuckerberg wields a identical kind of sum control over
Facebook. But, it should be noted, back in Jun 2016,
Facebook changed its manners such that he’d relinquish that control
if he leaves the company for any reason.