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Here's One Positive That Came Out of Snap's Second-Quarter Earnings

Amid all the doom and gloom of Snap Inc.'s (SNAP) second-quarter earnings, there was one bright spot.

CEO Evan Spiegel said on the company's earnings call late Thursday that neither he nor fellow co-founder Bobby Murphy will be selling any shares this year. It's an important point, as Snap's stock has come under growing pressure in recent months due to fears surrounding the expiration of its 150- and 180-day lockup periods.

Lockup periods are a standard part of the IPO process, with most ending after 180 days, although they can last from 90 days to more than a year. Once the lockup expires, company insiders who bought into the stock early (usually at a discount to the IPO price) are allowed to sell their shares. A lockup period exists to...