Snap, the Santa Monica-based company behind Snapchat, said Wednesday it’s laying off around 1,000 employees and closing more than 300 open roles.The company referenced the cuts, which account for 16% of its full-time workforce, in a Wednesday filing with the Securities and Exchange Commission. According to the document, the company will likely spend between $95 million and $130 million on the layoffs, primarily for severance pay and contract terminations.In his letter to employees, Spiegel said the layoffs and other organizational changes will save the company $500 million in the latter half of 2026. He also said that by leveraging AI, employees can ease the burden on their teams who have lost colleagues. Do you think that working for tech companies is becoming very unreliable?
