Snap Inc. announced plans to lay off around 1,000 employees, which is approximately 16% of its workforce, as it faces pressure from activist investor Irenic Capital Management. The company aims to reduce annual expenses by more than $500 million by the latter half of the year. Following the announcement, Snap's shares rose over 5% in premarket trading, although they remain down nearly 31% for the year. The layoffs will also include the elimination of over 300 vacant positions. Snap is expected to incur restructuring charges between $95 million and $130 million, primarily for severance costs. Irenic Capital, which holds a 2.5% stake in Snap, has called for the divestment or closure of Snap's struggling AR smart glasses subsidiary, Specs, which has consumed $3.5 billion in capital and is burning $500 million in cash annually. CEO Evan Spiegel has described the current phase as a