A group of major institutional investors is seeking to have social media and technology company Snap banned by index providers S&P Dow Jones Indices and MSCI due to the company’s sale of non-voting shares from stock benchmarks. For the S&P 500 Snap saw a $3.4bn initial public offering last week. The investor group, which includes BlackRock, Vanguard Group and State Street Global Advisors, has asked that Snap’s listing be suspended until it can demonstrate its compliance with anti-money laundering rules.
A group of major institutional investors is seeking to have social media and technology company Snap banned by index providers S&P Dow Jones Indices and MSCI due to the company’s sale of non-voting shares from stock benchmarks. Snap saw a $3.4bn initial public offering last week. The investor group, which includes BlackRock, Vanguard Group and State Street Global Advisors, has asked that Snap’s listing be suspended until it can demonstrate its compliance with anti-money laundering rules.