Snap Inc., the parent company of Snapchat, has announced plans to cut 20 percent of its global workforce due to the rise in inflation and interest rate hikes. In a statement on Wednesday, Snap Inc. CEO Evan Spiegel confirmed the job layoffs, saying that the company restructuring itself on three new strategic priorities: “community growth, revenue growth, and augmented reality.” “As a result, we have made the difficult decision to reduce the size of our team by approximately 20%,” Spiegel said in his statement. “The scale of these changes vary from team to team, depending upon the level of prioritization and investment needed to execute against our strategic priorities.” Accord
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