Snap to lay off about 1,000 employees after activist investor pressure

Snap said on Wednesday it would lay off about 1,000 employees, including 16% of its full-time staff, weeks after ‌activist ⁠investor ⁠Irenic Capital Management pushed the Snapchat parent to optimize its portfolio and improve performance.

The company would also close more than 300 open roles, Snap said, adding that it expects to reduce its ⁠annualized expenses by ‌more than $500 million by the second half of this ⁠year through the measures.