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S&P 500 to exclude Snap after voting rights debate

NEW YORK (Reuters) - The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc after its decision to offer stock with no voting rights.

The decision takes effect starting Tuesday, according to a statement by the manager of the widely used benchmark, S&P Dow Jones Indices LLC.

Snap did not immediately respond to a request for comment.

Existing components of the S&P index with several share classes - such as Google parent Alphabet Inc and Berkshire Hathaway Inc - will not be affected.

"Companies with multiple share class structures tend to have corporate governance structures...