Quants Snap Up Snap

Several of the largest computer-driven hedge funds were the biggest buyers of the social media company in the second quarter.

Michael Nagle/Bloomberg

Michael Nagle/Bloomberg

More bad news for Snap.

The social media company said Tuesday that it planned to cut 20 percent of its 6,400-employee workforce. The news knocked the stock down another 2.5 percent to close at $10.01. The shares are now down nearly 80 percent for the year and almost 90 percent from their September 2021 high.


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