Report: Snapchat Founders Will Retain Voting Power In IPO

A report on Monday says that Evan Spiegel and Bobby Murphy, the founders of Venice-based Snap Inc., the parent company of Snapchat, will retain majority voting control of the company, even after the IPO. According to the WSJ, Spiegel and Murphy are expected to keep more than 70 percent of the voting power in Snap Inc., via an IPO which will offer less powerful voting shares to investors. The report cited "people familiar with the matter" in the yet-to-be-filed IPO, which is among the most anticipated in Southern California's history.