Snap 's shares jumped on Wednesday after the company announced plans to slash up to 16% of its global workforce, citing AI-driven efficiencies. CEO Evan Spiegel said in a letter to staff that the reduction would affect around 1,000 members of staff and that at least 300 open positions would be closed. The stock was last up 8.6% in premarket trading. Snap, the parent company of popular messaging platform Snapchat, is planning to reallocate resources to its highest priority initiatives, including