The social media company is eliminating 16% of its workforce after Irenic Capital urged leadership to boost efficiency.

Snap Chief Executive Evan Spiegel told employees that the company is trying to cut costs and cited AI tools.

(CNN) — Snap Inc., the parent company of Snapchat, said Monday that it is laying off 10% of its staff, becoming the latest tech company to conduct a fresh round of job cuts since the start of the year ...