Retail rights group Randian Capital joins the push for Snap reform

Glonghui April 2 — Retail investor advocacy organization Randian Capital has sent an open letter to Snap CEO Evan Spiegel, intensifying pressure on the company and urging immediate and proactive measures to reverse years of value erosion. Randian Capital holds over 160,000 shares of Snap through common stock and options. This move follows Irenic Capital Management’s launch of the “Save Snap Now” campaign on Tuesday, along with the disclosure of a 2.5% economic interest in the social media company. The core of Randian’s proposal is the immediate spin-off of the AR hardware unit Spectacles, which the organization estimates has already cost $3 billion. Randian Capital is also calling for the adoption of artificial intelligence across the enterprise to achieve a leaner business model. In addition to cutting costs, the plan calls for an immediate review of the organizational structure and a commitment to making total shareholder return a core priority.