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The Times & The Sunday Times
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Snap to be excluded from S&P 500

James Dean
The Times
Snap offered shares with no voting rights when it floated in New York in March
Snap offered shares with no voting rights when it floated in New York in March
SNAP
James Dean
The Times

Snap, the owner of Snapchat, is to be excluded from the S&P 500 index amid a backlash against companies that take voting power away from shareholders.

S&P Dow Jones Indices has barred companies with multiple share classes joining its indices because they treat investors “unequally”.

FTSE Russell, the London index operator, said last week that it would exclude Snap.

From September the operator will demand that a company’s public shareholders have at least 5 per cent of voting rights.

Snap offered shares with no voting rights when it floated in New York in March. Evan Spiegel and Bobby Murphy, the founders, control nearly 90 per cent of votes. Exclusion from the S&P 500 will cut off investment from tracker funds.

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Snap shares were down 2.7 per cent to $13.30 at lunchtime in New York.