Abigail P. Johnson/FMR Disclose 6.7% Stake in SNAP Class A
Rhea-AI Filing Summary
FMR LLC and Abigail P. Johnson report beneficial ownership of 96,806,403.27 shares of Snap Inc. Class A common stock, representing 6.7% of the class. FMR LLC discloses 83,045,612.78 shares of sole voting power and 96,806,403.27 shares of sole dispositive power; Abigail P. Johnson is shown with 96,806,403.27 shares of sole dispositive power and no voting power. The filing states these securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.
The report attaches a referenced agreement and powers of attorney for authorization and identifies that some other persons may have rights to dividends or proceeds but no other person holds more than 5% of the Class A shares.
Positive
- Disclosure of a material stake: 96,806,403.27 shares (6.7% of Class A) provides transparency to investors
- Clear power breakdown: FMR LLC reports 83,045,612.78 shares of sole voting power and 96,806,403.27 shares of sole dispositive power
- Held in ordinary course: Filing certifies securities were not acquired to change or influence control
Negative
- None.
Insights
TL;DR: FMR LLC and Abigail P. Johnson disclose a meaningful 6.7% Class A stake in Snap, confirmed as held in the ordinary course of business.
The filing documents a sizeable passive economic position in Snap's Class A stock: 96.8 million shares equal to 6.7% of the class, a level that requires public disclosure and can influence market perception. The split between voting and dispositive power—substantial dispositive power with limited shared voting—suggests portfolio management control over dispositions while voting rights are concentrated with FMR LLC for a large subset. The certification that holdings are not for control purposes reduces governance concern but does not change the economic significance of the stake.
TL;DR: Material passive ownership disclosed; governance impact appears limited per the filing's certification.
The schedule shows a material disclosed stake above the 5% threshold that triggers enhanced transparency. FMR LLC's reported sole voting power on 83.0 million shares versus Abigail Johnson's zero reported voting power is notable for understanding who exercises vote control. The filing also notes potential third parties with dividend or sale proceeds rights, but none exceed 5%, which limits the likelihood of undisclosed controlling interests. The attached power-of-attorney exhibits clarify authorization for the filing.