Ben Gilbert: belief

Transcript context

…More dividends or all sorts of things. And there’s a view probably not unjustified that that's really an annoying thing that you want to avoid. But this is an extreme case of no, you get no votes. Not now, not ever. What a baller move to say like hey, we’re going to sell, what is it, like 19 percent of this company and we think at this price point that even with no ability to have any influence even if all of you get together on the future of this company, it’s still going to be oversubscribed. What’s crazy is it’s not even just… there are actually three classes of Snapchat shares. There’s what they’re selling to the public, you get no votes. There’s shares that existing investor VCs have in the company, they get one vote. And then there’s shares that Evan and Bobby have and they get 10 votes. If Evan and Bobby ever sell their shares, then they automatically convert to the other investor shares. So there is one vote but essentially it's set up such that if something were to happen to one of them and they’ve actually filed proxies with each other – this is in the S-1 – if something happens to one of them, the other gets essentially full voting control in perpetuity of the company.…

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