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Snap’s Spiegel Poised to Gain Sole Control After IPO

Snap’s IPO won’t just make CEO Evan Spiegel richer. It also will likely give him sole voting control of the company, according to an analysis of last week’s IPO filing.

That’s because the bonus that Mr. Spiegel will receive for taking the company public will be in the form of so-called supervoting shares, which carry more votes than other kinds of stock. The reward, which is worth hundreds of millions of dollars, would gradually increase Mr. Spiegel’s ownership and voting power over a period of three years, during which he would almost certainly cross the threshold of 50% voting power.

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Mr. Spiegel could gain majority voting power faster, depending on when certain other shareholders sell stock.