This made me laugh and laugh and laugh.

Snap closes below $17 IPO price amid fears insiders will dump shares.

I think this is a dead company walking. I've said it was a fad before, but I don't care that much because the way they structured the IPO the founders get hit harder than anyone else. When they did it - no on in Silicon Valley had seen an IPO like this. And it looks super greedy, unless you felt it was a fad like I did. I thought - those guys are going to pay for doing that. Enjoy!

Snap has three classes of stock:

Class A stock is what you’ll be able to buy on the New York Stock Exchange. Those shares do not include any votes, though shareholders who buy them will be entitled to attend the company’s annual shareholder meeting and ask questions.

Class B stock is reserved for executives of the company and early investors. Those shares each come with one vote apiece. 

Class C stock is held exclusively by Snap’s co-founders, CEO Evan Spiegel and CTO Bobby Murphy. Those shares come with 10 votes apiece.

Thanks to this structure, Spiegel and Murphy hold a combined 88.5 percent of the company’s total voting power, according to Snap’s IPO filing. This means that every major decision for Snap, from appointing board members to a possible future sale, will be controlled by just two people. Source.