Snap Inc. CEO Evan Spiegel has faced intense criticism after announcing 1,000 layoffs at the company, with many taking to social media to express their outrage. The billionaire CEO had been spotted attending Coachella with his wife, Miranda Kerr, just days before the announcement.
Spiegel described the layoffs as an 'incredibly difficult decision' and expressed his gratitude to the departing colleagues, who will receive four months of severance, healthcare coverage, and equity vesting. However, the timing of the announcement has sparked widespread criticism, with many accusing the CEO of being insensitive to the affected employees.
The layoffs are part of a larger effort to reduce Snap's annualized cost base by more than $500 million by the second half of 2026, in an attempt to establish a clearer path to net-income profitability. The company has also emphasized its commitment to investing in artificial intelligence to drive growth and efficiency.
