Snap Lays Off 1,000 Employees as CEO Evan Spiegel Embraces AI for Cost Cuts

Snap Inc. has cut 16% of its staff, roughly 1,000 employees, to reduce costs by $500 million annually. CEO Evan Spiegel emphasizes that advances in artificial intelligence are enabling a 'new way of working,' signaling a strategic shift towards AI-driven productivity. The layoffs and renewed focus on AI suggest a major transformation for Snapchat as it navigates financial and operational pressures.