Snap climbs after activist investor Irenic discloses stake in co

Shares of social media firm Snap SNAP.N up 12.1% at $4.50 after activist investor Irenic Capital Management discloses a stake

Hedge fund sent a letter to SNAP CEO and co‑founder Evan Spiegel, saying the social media company is a “highly valuable asset” whose strategic value is increasing

Irenic argues Snap can be worth over $26 a share and has built an economic interest of about 2.5% in Snap’s Class A shares

Irenic also urges Snap to cut costs, reduce headcount and revise employee compensation, saying the company “over‑hired” and has not course‑corrected

Also urges stock buybacks and efforts to focus AI spending on ad monetization, citing gains seen at AppLovin APP.O

Including session moves, SNAP stock down 44.8% YTD