Snap Shares Surge Following Report of Activist Investor Stake

Deep News04-01

Shares of the social media platform Snap rose more than 14.6% after reports indicated that activist investor Irenic Capital Management is increasing its stake in the company.

In an open letter to Chief Executive Evan Spiegel, Irenic outlined a path for the stock to reach $26.37, while the stock was trading at $4.50 during Tuesday's midday session. The firm also launched a website detailing its plan aimed at bringing the company "back to reality."

In a statement, Snap's Board Chairman, Michael Lynton, said that Snap welcomes input from all shareholders and that the company is focused on "building a more efficient and profitable business while maintaining disciplined investment in long-term planning."

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