Randian Capital, a retail activist investment firm focused on protecting the interests of retail shareholders, and a shareholder of Snap Inc. publishes Open Letter to Board and Management, and Announces Snap Investor Town Hall On 4/6 at 7PM EST live on X

NEW YORK, April 01, 2026 (GLOBE NEWSWIRE) -- We aim to give retail shareholders a voice in situations where they have suffered substantial economic underperformance. We are releasing an open letter calling for change, and announcing an investor town hall to make Snap shareholders heard on 4/6 at 7pm EST via our X account. Across common stock and options, Randian and its affiliates presently have economic exposure to over 160k shares of Snap.

Mr. Evan Spiegel

Chief Executive Officer

and Members of the Board of Directors

Snap Inc.
2772 Donald Douglas Loop N
Santa Monica, CA 90405

Dear Mr. Spiegel and Members of the Board of Directors:

We and our affiliates are shareholders of Snap Inc. (“Snap” or the “Company”).

We believe in the core promise of Snap as a platform that connects people around the world. Snap is a business with massive potential, but one that is in urgent need of capital allocation discipline, operational focus, and a genuine commitment to protecting shareholder interests.

Capital Allocation and Spending

Snap is currently spending approximately $1 billion annually on stock-based compensation, representing roughly 13% of its entire market capitalization. We believe dilution of this magnitude is a direct and sustained destruction of shareholder value. At the same time, the Company is spending approximately $1.6 billion on research and development, despite a conspicuous lack of meaningful product enhancements in recent years. Shareholders are entitled to ask what, exactly, this level of R&D spending has produced.

It has also been reported that Snap has invested approximately $3 billion in the Spectacles device, a figure that represents roughly 40% of the Company’s current market capitalization. Regardless of one’s view on the long-term potential of Spectacles, embedding a speculative venture bet of this scale inside a public company with Snap’s current market cap is difficult to justify. It is imperative that Snap immediately separate Spectacles into an independent entity that is financed separately, allowing the core business to stand on its own merits.

Governance

Snap’s governance structure—in which public shareholders have effectively no voice—is among the worst we have encountered across public markets. Many observers warned of this dynamic at the time of the IPO, and those concerns have proven well-founded. The absence of shareholder accountability has directly contributed to Snap’s inability to attract meaningful institutional ownership and has prevented inclusion in major indices. The Company’s governance and capital allocation practices together represent a textbook case of how to prevent the formation of a durable, long-term shareholder base.

Stock Performance and Urgency

Snap’s stock currently trades near an all-time low, having declined over 80% since the IPO (based on IPO close price to 3/30 closing price). Shareholders—many of them retail investors who believed in the Company’s vision—have endured years of value erosion with no credible path to recovery in sight. If the Board does not act with urgency, we believe Snap faces a real risk of permanent impairment and irreversible decline.

Recommended Actions

We urge the Board to consider the following courses of action immediately:

1. Spin off Spectacles as a separate entity. Announce that Spectacles will be separated from Snap and funded independently, allowing the core business to stand on its own.
2. Conduct an immediate review of the cost structure. Evaluate the organizational footprint, the pace and magnitude of stock-based compensation, and overall spending levels—and align them with the Company’s current market capitalization, not its aspirational one.
3. Leverage AI to drive operational efficiency. Deploy AI across the enterprise to enable a leaner and more efficient operating model.
4. Collapse the dual-class share structure. The founders’ economic ownership following significant insider sales no longer justifies outsized voting control. The consequences of this governance vacuum have been severe, and restoring shareholder enfranchisement is long overdue.
5. Commit to total shareholder return as a core priority. If Snap cannot deliver value as a public company, the Board should undertake a thorough review of strategic alternatives.
6. Hold an investor day. Outline a clear, credible strategy for the Company’s path forward, including specific operational and financial targets.
7. Appoint two new independent directors. Add Board members with direct experience as founders or operators of successful technology businesses, bringing fresh perspective and operational credibility.

We urge the Board to take immediate and decisive action to protect the interests of all shareholders. We remain deeply concerned that continued inaction will prevent Mr. Spiegel’s original vision for Snap from being fulfilled. To our fellow Retail shareholders of Snap, we encourage you to follow along on X and engage with management and the Board to make your voices heard. We will be hosting a town hall on 4/6 at 7pm EST on X, and we encourage fellow shareholders to follow along at https://x.com/RandianCapital/.

Sincerely,

Randian Capital LLC

THIS COMMUNICATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A RECOMMENDATION, AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL SHARES.

THIS COMMUNICATION CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SNAP SECURITIES AND CERTAIN ACTIONS THAT SNAP MAY TAKE TO ENHANCE THE VALUE OF ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSIS OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. SNAP’S PERFORMANCE AND RESULTS MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSIS.

OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR HOLDINGS OR INCREASE OUR HOLDINGS BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING SNAP WITHOUT UPDATING THIS COMMUNICATION OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW).

contact@randian.capital

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