Matt Miller

She runs the deals team for us here at Bloomberg.

So what do we know about this investor and what it wants out of Snap?

Sure.

So we've seen a Renick before.

They're an up and coming activist.

They've gone after companies like News Corp before, owned by the Murdoch.

So they're no stranger to companies that are controlled.

But here, they're looking at sort of shaking up things at snap.

The stock is down 50% year over year.

They're asking for a lot of changes from a stock buyback to more adoption of AI to big layoffs and just other things that Snap should do to sort of get back on track.

Since going public in 2017, its products are wildly successful, but it hasn't really found its footing as a public company.

Just the share story doesn't tell that.

Yeah, I mean, I'm looking at...

This is a company that's only worth $7.4 billion, right?

Up against a meta, which is worth $1.4 trillion.

And you cite the year-over-year performance, but over five years, Snap shares are down 91%.

I mean, they've lost essentially all of their value.

It's stunning, and here comes an activist investor saying, look, we believe in the business, but here are some changes that we think that Snap can make to sort of have its second act.

They're looking for a comeback here, and they believe that with the right moves, maybe shutting down the specs wearable business, that's one thing they're calling for, that Snap could turn itself around.

The business is still operating?