Anyone who invests in Snapchat will be putting their faith in the ability of co-founders Spiegel and Bobby Murphy to make smart acquisitions and execute their vision for the company, Menlow added.
"You have to know these are brilliant people, and if you believe that, study their habits to be able to respond to their audience," Menlow explained. "If they're going to make innovative features that make the site stickier, then you've got a platform that could conceivably continue to grow."
Investors are Tuesday's meeting were reportedly disappointed when Snapchat executives didn't answer a question asking where they see the company going in five years, according to Reuters.
The share structure issue has raised concerns among institutional investors who argue that Spiegel, Murphy and other executives will control much of the decision-making process, giving shareholders little room for input. The Council of Institutional Investors wrote a letter to Snapchat's founders urging them to switch to a single class voting system, but so far the organization hasn't received a response from Snapchat, a CII spokesperson said.
The CII contends that multi-class companies generate significantly less returns to shareholders.
Chien noted that tech companies including Facebook and Google have a similar voting structure and that it doesn't necessarily dictate what the stock's performance will be.
"Both [Facebook and Google] have performed very well since going public," Chien added. "While shareholder input is important, companies controlled by their founders possess a unique ability to think extremely long-term about their strategy and investments, seen most recently in the form of aggressive M&A by Facebook."
Facebook's acquisitions of Instagram and WhatsApp were heavily scrutinized at first, Chien said, but were later realized as worthwhile opportunities.
"This type of long-term thinking is unique to founder controlled companies and should benefit all shareholders if deployed wisely," Chien added.