SnapChat’s ghostly logo represents the “There, then gone” nature of the company’s photo sharing service, but it also might ominously foreshadow the soon-to-be-public parent company’s plan to offer “phantom” voting rights to its post-IPO investors. On Nov. 15, 2016, Snap filed for a confidential IPO. Filing confidentially, a process allowed under the JOBS Act, shields Snap from the public financial disclosure scrutiny a traditional S-1 filing would entail. While the company has been able to keep most of its IPO plans close to the vest, recent reporting by the Wall Street Journal indicates that the company intends to sell exclusively non-voting shares to the public. By doing so, Snap would implement a three-class share structure. Snap’s founders would retain super-voting shares, pre-IPO investors’ shares would have a lesser voting power, and no votes for IPO shareholders.