The short version is that Spiegel and Murphy are considered indispensable to the company, and that they'd retain total control over the company, even if one or both of them were fired by the board of directors — which, thanks to their high degree of control, would only happen if they turned on each other.
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Snap is asking investors to put a $25 billion valuation on 2 people
You can read Snap's IPO filing for yourself here.
Evan Spiegel and Bobby Murphy
And if one of them dies, then nine months later, the remaining cofounder would be able to "
The important bits about Spiegel and Murphy from the filing are as follows:
- "While Mr. Spiegel, as CEO, has been responsible for our company’s strategic vision and Mr. Murphy, as CTO, developed the Snapchat application’s technical foundation, should either of them stop working for us for any reason, it is unlikely that the other co-founder would be able to fulfill the responsibilities of the departing co-founder," says the filing.
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