The talk of Wall Street this month is Snap Inc., the parent company of Snapchat, a photo and video-sharing app beloved by teens and millennials. Its $3.9-billion initial public offering that went public on March 2.
While self-destructing messages are a selling point of the app, critics are lambasting the fact that long-standing corporate governance norms and traditional investor rights have also disappeared. Only non-voting shares in the company were offered to investors.
