Snap's two cofounders and largest individual shareholders, Evan Spiegel and Bobby Murphy, have committed to not selling any of their stock until 2018.
Snap's two cofounders and largest individual shareholders, Evan Spiegel and Bobby Murphy, have committed to not selling any of their stock for the rest of the year.
CEO Spiegel made the announcement during the company's second-quarter earnings call on Thursday.
The move comes as employees will be able to sell their shares on the public market for the first time next week, presenting an ultimate test of confidence in the company.
Spiegel and Murphy are confident enough to hold onto their shares for at least a couple more quarters.
“We believe deeply in the long term success of Snap,” said Spiegel.
Facebook CEO Mark Zuckerberg made a similar commitment to not sell any of his shares after Facebook's initial public offering in 2012, although Zuckerberg said he wouldn't sell for a full year.
from pulse.ng - Nigeria's entertainment & lifestyle platform online
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