Snap Inc blames AI as it lays off 1,000 workers

Cuts by Snapchat’s parent company come in response to a declining stock price and pressure from an activist investor Snapchat ’s parent company plans to lay off 16% of its employees, around 1,000 people, citing “rapid advancements in artificial intelligence”, the social media company told staff on Wednesday in an internal memo. The staff reduction is part of a wave of tech industry layoffs in the past year, with many firms blaming AI for the cuts.