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Matt Levine

Snapchat, Indexes and Free Research

Also the "personal benefit" test, orderly liquidation authority, foie gras and Travis Kalanick.


Snap Inc., the initial public offering that everyone likes to complain about, is apparently 10 times oversubscribed and may price above the offering range, because that is the way IPOs work. If you are going to buy a lot of shares in the IPO, you might as well complain to the press that the shares are non-voting and that the business is being eaten by Facebook. If you aren't going to buy it, there's no particular reason to talk about it. This is of course how life works too; imagine how much less everyone would be complaining about Donald Trump if he'd lost.