Activist investor Irenic Capital Management has built a position in social media company Snap Inc. and is pushing for changes to improve financial and operating performance, according to people familiar with the matter.
The investor sent a letter to Snap Chief Executive Officer and co-founder Evan Spiegel, outlining its views it hopes could boost the company’s shares to more than $26 each, the people said, asking not to be identified because the matter is private. Irenic’s economic interest in Snap’s Class A shares is around 2.5%, the people added.
