Snap Inc. has authorized a new class of shares that ensures founders Evan Spiegel and Bobby Murphy will retain control after the company goes public, according to a restated company charter filed in Delaware on Monday.
The new class of shares ensures the founders would keep the supervoting rights they already have—a common move for a company getting its house in order for an IPO.
The tech industry saw a symbolic passing of the baton on Thursday, as the market capitalization of Nvidia—the top maker of chips for artificial intelligence projects—surpassed that of Intel, long Silicon Valley’s most dominant chip provider, for the first time, reported Reuters.
The shift underscores the strategic importance many companies are placing on AI, and how investors ...
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