From BloombergView:

At the time, I wrote a column defending Snap’s right to behave so tyrannically. Legal scholar Bernard Sharfman of the R Street Institute, a conservative/libertarian think tank in Washington, mounted that defense with far more erudition last week, concluding that:

It is an overreach for academics and shareholder activists to dictate to sophisticated capital market participants, the ones who actually take the financial risk of investing in IPOs with dual class share structures, how to structure corporate governance arrangements.

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