Retail investor advocacy organization Randian Capital joins the effort to push for Snap reforms

Gelonghui April 2 | Retail investor rights group Randian Capital sent an open letter to Snap’s CEO Evan Spiegel, increasing pressure on the company and calling for urgent and proactive action to reverse the value drain that has persisted for years. The firm holds more than 160,000 shares of Snap stock through common stock and options. This is another round of offensives following Irenic Capital Management’s launch of a “Save Snap Now” campaign on Tuesday and its disclosure that it holds 2.5% of the company’s economic interest. Randian’s proposal centers on immediately splitting off the AR hardware business Spectacles; the firm estimates that this business has already cost $3 billion. The firm calls for the use of artificial intelligence across the enterprise to achieve a more streamlined model. In addition to cutting costs, the plan also calls for an immediate review of the organizational structure and pledges to make total shareholder return the core priority.