Snap lays off 1,000 employees, shuts over 300 open roles

Snap Inc., the social media company, is laying off 16% of its full-time workforce, impacting over 1000 employees. The move comes as a cost-cutting measure due to the slow ad revenue growth and pressure from investors. CEO Evan Spiegel has shared a memo to employees saying it will help the company save $500 million a year.