Activist investor Irenic has invested in Snap Inc. with a 2.5% stake in the company, arguing that the company should be worth significantly more than $7 billion. The activist investor has urged Snap to consider spinning off or shut its augmented-reality eyeglasses unit, Specs, and consider cutting costs through layoffs or buying back discounted stock. This led to a surge in Snap's shares, with investors pushing up the company's stock price by over 12% on the last trading day of the quarter. The company has lost 45% since the start of the year.