Monday, 19 February, 2018

Snap sheds two dozen employees as user numbers fall

Snap confirms reports of up to 24 redundancies in a bid to 'scale internally' Snap lays off 22 employees amid content team restructure: Reports
Preston Stone | 20 January, 2018, 04:50

The layoffs come at a hard time for Snap.

Numerous layoffs are said to come from Snap's team of human editors on its content team, though Cheddar reports some Snap employees based out of its NY and London offices were informed they needed to relocate to Snap's main Los Angeles campus.

"If you leak Snap Inc. information, you will lose your job and we will pursue any and all legal remedies against you", O'Sullivan wrote. Cheddar's report, which cites people familiar with the matter, suggests that a handful of employees in the firm's NY and London offices were also asked to relocate to the company's Los Angeles headquarters. In it, Snap's chief lawyer and general counsel Michael O'Sullivan states that employees who are caught leaking information will be fired and could face legal action. And that's just the start. The company lost a staggering $US443 million ($554 million) in the third quarter of 2017. "The government, our investors, and other third parties can also seek their own remedies against you for what you disclosed".

Taking a move straight from Anthony Scaramucci's political playbook, in which Trump's briefly tenured communications director threatened to "f--g kill all the leakers" in the White House, Snapchat parent company Snap Inc. has issued a remarkable advisory against employees speaking to reporters. Because we are a public company, the information also affects how millions of shares of our stock trade every day.

Bitcoin falls below US$10000 as virtual currency bubble deflates
The New York Times today reported that the price of bitcoin had fallen below $10,000 for the first time since it surpassed that mark.

This isn't the company's first layoff, as it let approximately 12 people in the hardware team go in September. "The government can even put you in jail".

A Snap spokesperson did not immediately respond to a request for comment about the memo.

The cuts come after, based on confidential company metrics, said Snapchat is still primarily a messaging tool, with only 20 percent of users using the company's Discover Edition daily. In August 2016, Facebook copied Snap's signature product, user uploads that self-destruct after 24 hours, with the Instagram Stories feature.

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