This is a very strange decision that the SEC has decided to investigate Snapchat Inc. for.
However, since the IPO has already occurred, this article's speculation that mutual fund buyers en masse would reject the idea of losing voting rights, was completely wrong. The stock closed at $24.48 per share and the article called even $17 an over-valuation.
I'm of the opinion that SNAP is worth closer to nothing and that this is a huge bubble. Only 67% of business accounts even posted in October of 2017 following a decreasing trend. Since SNAP needs to make money from advertisers, as they don't charge users, you need business accounts to be active.
But I'm not stock genius or anything. And a lot of smart and experienced people don't agree with me.