Snap is worthy of a Harvard Business School masterclass. Like a train wreck in slow motion, shares in the Snapchat owner tumbled nearly a fifth in after-hours trading on Thursday as the young social media company reported a trebling in quarterly net losses to $443m on revenues of $181m. Investors took fright over slowing user growth and fears over the near-term outlook. Snap’s initial public offering in March, which raised $3.4bn from investors, is one of the defining corporate stories of the year. Described by one fund manager as a "corporate governance nightmare", the company triggered concerns about protecting shareholder rights and the role of banks in IPOs. A brief history. Ahead of its IPO, Snap told prospective investors they would be sold shares with no voting power, that co-founders Evan Spiegel and Bobby Murphy would control the company even if they stepped down, and that Mr Spiegel’s voting power would be diluted only if he cut his stake substantially or "nine months afte...

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