Activist Investor Irenic Capital Takes Stake in Snap
Irenic Capital took a 2.5% stake in Snap and urged the firm to cut costs and shut its augmented-reality unit. Shares rose 12% following the announcement today.
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Activist investor Irenic Capital Management has acquired a 2.5% stake in Snap Inc., asserting that the technology firm could be worth five times its current valuation if it adopts a more disciplined operational strategy. In a letter to Chief Executive Evan Spiegel, Irenic portfolio manager Adam Katz suggested that the company’s valuation could rise from $7 billion to approximately $35 billion by focusing on cost reductions and portfolio optimization.
