What happened at Snap's all-hands meeting, which came just after mass layoffs
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What happened at Snap's all-hands meeting, which came just after mass layoffs
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What happened at Snap's all-hands meeting, which came just after mass layoffs
We've got an inside look at what went down at Snap's all-hands meeting, which came just after news of layoffs at the Snapchat maker.
Let's take a look.
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CEO of Snap Inc. Evan Spiegel presents at the Snap Partner Summit 2022.Photo by Snap, Inc./Getty Images for Snap, Inc.
1. Inside Snap's all-hands meeting. At the company-wide meeting, which came just after news that Snap was slashing staff and shuttering projects, CEO Evan Spiegel stunned employees, saying the major reorganization presented an opportunity.
The Snapchat maker had a rough week, as it announced — along with layoffs — that projects like its startup accelerator program are being shuttered, along with apps it acquired.
Losing about 20% of their colleagues this week in a mass layoff means Snap has a chance to "prove the haters wrong," Spiegel said on the call, a sentiment that was not well received, according to employees in attendance.
Employees who survived the layoffs are receiving additional restricted stock awards to get their compensation back up to the value they were at when first granted.
What else happened at the all-hands meeting.
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