Irenic Capital suggested shuttering the Specs division and replacing more than a fifth of Snap's workforce with artificial intelligence.
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Shares of Snap
climbed 13% Tuesday after shareholder Irenic Capital Management sent a letter to CEO Evan Spiegel outlining changes that could increase the stock’s value by almost 600%.
“Snap should not continue doing what it has been doing. It’s not working,” Irenic wrote in its letter, published on savesnapnow.com alongside a presentation of recommendations.
The recommendations, titled “6 Steps to 7X,” aim to increase Snap’s stock price from $3.93 to over $26 per share.
Snap was up in premarket trading on Wednesday after announcing plans to lay off up to 16% of its global workforce in an effort to…
Snap released on Wednesday its fourth-quarter earnings that beat on sales but missed on revenue guidance.
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