"How do you lose more than $2 billion in your first quarter as a public company? By paying out $2 billion in stock to your employees..If you pull out those payments, and some other costs, Snap’s loss is a more palatable $188 million" 

This boils down to the age old balance between doing what it takes to reward top CEOs for performance and keeping in mind the faith that investors have placed in management to ensure that their interests are looked after with integrity.