Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Bank of England Governor Mark Carney says trade war has a confidence effect on business around the worldMarketsread more
Supreme Court Justice Ruth Bader Ginsburg has completed a three-week course of radiation therapy for cancer, the top court said in a statement Friday.Politicsread more
Spiegel's salary — minus hefty stock awards — comes out to only $1. But he controls 48.4 percent of total voting power for the company, the annual report reveals.
Spiegel's post-IPO bonus was worth $637 million and represented 3 percent of the total shares outstanding at the time of the IPO. It will be paid out over three years, tightening his control of the stock over time.
But there is "no continuing service requirement" for Spiegel, the compensation description said, even though at least one other executive faces a vesting period of more than a decade for stock awards. Spiegel will continue to have voting power even if he is terminated.
The document also says that Snap only considers there to be one "segment" of its business, run by Spiegel, because "there are no segment managers who are held accountable by the chief operating decision maker for operations, operating results, and planning for levels or components below the consolidated unit level."
Spiegel's arrangement with Snap includes other odd provisions, including a $561,892 security detail. (Apple CEO Tim Cook spent less than half that much, at $224,216 in 2017). The document says that Spiegel has "received threats in the past" and is "likely to continue to receive threats in the future."
Snap paid $14,241.63 to a law firm where Spiegel's father is a partner, as part of legal fees associated with Spiegel's compensation. Snap's general counsel is also a former lawyer of that firm, and the report says Spiegel's father "has not personally provided any material legal services" to Snap.
Spiegel's co-founder, Bobby Murphy, is the second-largest shareholder, with 47.4 percent voting power. The two essentially control all shares, and if one of them dies or becomes incapacitated, the other takes over all voting rights for those shares.
In case other shareholders needed the warning of the risks of having no control over the company, it's right here: "As stockholders, even controlling stockholders, Mr. Spiegel and Mr. Murphy are entitled to vote their shares, and shares over which they have voting control, in their own interests, which may not always be in the interests of our stockholders generally."
Snap shares were down more than 7 percent on Thursday morning, following the release of the 10-K, although a tweet by reality TV star Kylie Jenner slamming the company's recent app redesign may also have been a contributing factor.
Disclosure: CNBC parent NBCUniversal is an investor in Snap.