Co-founders Evan Spiegel and Robert Murphy will retain controlling power over all matters at Snap; the Class A stock being sold in the IPO has no voting power.
Snap Inc.'s debut on the NYSE this morning looks like a big hit, and has been described as "the biggest tech listing in years".
The company started trading at 24 dollars per share around midday Thursday, jumping more than 40 percent from its pricing.
Shares in Snapchat's parent company, Snap Inc, ended their first day on the U.S. stock market up by 44% as the camera firm enjoyed a strong start to trading. That prospect has sparked a backlash from some major institutional investors, including the California Public Employees Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), which sent Snap a letter objecting to the plan.
Uber chief Travis Kalanick apologizes after video reveals him yelling at driver
That said, the San Francisco-based company, with 11,000 corporate employees, still appears to be driving in the fast lane. Kamel challenges Kalanick for decreasing the rates for drivers of its Uber Black auto service.
The California-based Snap is the parent company of Snapchat, a social-media app that is beloved by teenagers. The app has an estimated 158 million users every day. Snap, much like Twitter, is popular among the younger generation but hasn't been making a lot of money.
He wrote that the "upside in [SNAP] shares is limited" by several factors, including "already slowing growth in daily active users" and "fierce competition from larger rivals such as Facebook" and two Facebook divisions, Instagram and WhatsApp. Rather than hanging around to haunt the user potentially for decades as Facebook posts and photographs do, contributions to Snapchat disappear a few seconds later (though some posts last for 24 hours). Its student-run endowment fund was among the company's first investors.
Evan Rodriguez, a 20-year old student at Abilene Christian University in Texas, used to send snaps of amusing stuff he saw throughout the day, just as his friends did.
Snap calls itself a "camera company" and last month began selling $130 video-enabled sunglasses nationwide. The launch could encourage debuts by other so-called unicorns, tech startups with private valuations of $1 billion or more.