Snap CEO Evan Spiegel defends Specs as long-term bet, pushes back against activist pressure

Snap CEO Evan Spiegel told Reuters the company’s new Specs augmented-reality glasses are part of its long-term strategy, pushing back on activist investor demands to shut down or spin off the cash-burning unit behind the device.

The Snapchat ‌parent launched ⁠the ⁠device, its first consumer AR glasses, on Tuesday at a price of $2,195 and pitched them as the future of how people interact with technology in the AI age.

The launch comes months after Irenic Capital Management pushed Snap to consider options for Specs as part of a series of ⁠changes that ‌the activist investor said could boost the social media company’s worth by at least five times.