Earlier quoted context omitted.
Maybe because the board has no control over his decisions - https://www.cnbc.com/2018/02/22/snap-10-k-annual-report-show...
At what point does he realize that his decisions are bad and he needs supervision?
He is a billionaire married to a VS supermodel. At this point, he's more likely to squander all his money and make reality TV appearances to make ends meet, than turn Snap around.