Two bits which caught my attention:

"[Evan Spiegel] has dismissed ideas that rely heavily on data, according to people who have worked with him. He prefers to study the experience of users for cues on revisions and new features, some of the people said.

...

One banker involved in the IPO said he thought the lack of voting shares and other decisions could imperil the company’s standing with investors, possibly hurting its stock price. But he said he didn’t articulate that to Snap’s executives for fear of jeopardizing his spot on the prized deal."