Snapchat s parent company plans to lay off 16% of its employees, around 1,000 people, citing “rapid advancements in artificial intelligence”, the social media company told staff on Wednesday in an internal memo. The staff reduction is part of a wave of tech industry layoffs in the past year, with many firms blaming AI for the cuts. Snap Incs layoffs follow demands last month from Irenic Capital Management, an activist investor whose portfolio manager wrote a letter to the Snap Inc CEO, Evan...
