Snapchat owner reduces 1,000 jobs as says AI will reduce repetitive work

TL;DR

Snap Inc., the owner of Snapchat, is cutting about 16% of its global workforce, which means around 1,000 jobs The owner of social media platform Snapchat said Wednesday it's eliminating about 16% of its global workforce, or about 1,000 jobs that will be culled in its latest round of layoffs. Snap Inc. said in a regulatory filing that the job cuts will cost about $95 million to $130 million in severance payments and related costs.