Snap climbs 14% as activist Irenic suggests changes to boost stock's value 7x

Skip Navigation Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Menu Key Points Snap shares climbed 14% after activist Irenic Capital suggested changes to boost the company's value. Irenic's letter outlines six steps to raise the stock price from its current $3.93 to $26.37. Major steps include reducing the workforce by 21% in favor of AI and shutting down Specs, the company's augmented reality glasses. In this article SNAP Follow your favorite stocks CREATE FREE ACCOUNT Snap CEO Evan Spiegel onstage during the Snap Partner Summit 2023 at Barker Hangar in Santa Monica, California, April 19, 2023. Joe Scarnici | Entertainment | Shares of Snap climbed 14% 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. Irenic's recommendations include shutting down or spinning off Specs, the company's augmented reality glasses unit. The unit was announced to be a wholly owned subsidiary of Snap in January. …