In early 2017, as Snap, Inc. (SNAP: $9/share) prepped for its IPO, CEO Evan Spiegel received fawning profiles in the pages of prominent papers like the LA Times and the New York Times. These profiles painted a portrait of Spiegel as an enigmatic genius, the latest in a line of tech visionaries that would revolutionize the world. The New York Times profile even quoted Google chairman Eric Schmidt as calling him “the next Gates or Zuckerberg.”

Fast forward to September 2018, with mounting losses, slowing growth, and a stock that has fallen more than 50% from its IPO price, few people still view Spiegel as Snap’s greatest asset. Instead, he’s presented as a liability, the brains behind failed ventures such as the ill-fated redesign of the app and the money losing Spectacles. However, with no mechanism to hold Spiegel accountable for his missteps, Snap’s investors can only watch the company’s ongoing struggles with frustration. A recent Bloomberg Businessweek article summed up this exasperation, asking “What Is Snapchat Doing?”

Public Investors Have No Recourse: Co-Founders Control 96% of the voting rights

What Snapchat is doing, the article reveals, is trying to mold Spiegel into a competent CEO. Through management coaching and feedback from employees, Spiegel is trying to put the mistakes of his past behind him and become a more open and communicative leader. He has a long way to go, as this paragraph from the aforementioned Bloomberg piece reveals:

“Snap employees complain about his dictatorial management style and penchant for secrecy. In January the company’s chief counsel sent around a memo threatening jail time for employees who leaked proprietary information to the press. It was a strange threat because, according to several Snap employees, the bigger problem was that they didn’t have much information in the first place. That same month, workers were told they wouldn’t be receiving cash bonuses because the company didn’t meet its goals. They hadn’t been told what the goals were.”

In a normal company, a CEO that oversaw a 50% decline in the stock price and punished employees for missing nonexistent goals wouldn’t receive management training, he’d receive a pink slip. Snap is not a normal company though. Its dual-class share structure means public shareholders have no say in corporate governance while Spiegel and co-founder Robert Murphy control 96% of the voting rights in the company.