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How does this differ from what Facebook and Google did? Did they offer stock that technically had voting power but in practice was massively outweighed by the founders' voting power? Whereas Snapchat is dispensing with such technicalities and just outright stating the founders control it?

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When Facebook IPOed it had two classes of voting stock. Normal and super voting. They only offered the normal voting stock.

Facebook and Google both later offered non-voting stock, but not when they IPOed. Not sure if it really makes a difference overall, but unlike Facebook and Google there is no public Snap Inc. voting stock.

There is no non-voting FB stock yet. It's still tied up in a shareholder lawsuit.

Relevant Money Stuff on the subject: https://www.bloomberg.com/view/articles/2017-01-17/snap-vote...

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