Snap announced on Wednesday that it would lay off 16% of its workforce and close another 300 open roles, following pressure from activist investor Irenic Capital Management to streamline its operations. Shares in the Snapchat maker surged 10% premarket. The company expects to save more than $500 million a year on the cuts, which will affect about 1,000 employees and come as advertisers prioritize bigger platforms like Meta and Google, the two market leaders. Snap's stock had fallen more than 30% this year through Tuesday's close.