- Hedge fund Blue Duck Capital Partners wants Snap Inc. to sell a stake in its nascent Specs unit, putting investor pressure on the social media app's augmented-reality glasses investment.
- Blue Duck CIO Alex Beinfield said in a letter to Snap's board on Tuesday that Snap is “profoundly” undervalued and that raising money for Specs would unlock significant shareholder value.
- Snap has invested heavily in augmented-reality glasses, and the Specs business is the focus of the activist campaign.
Quotes
“Snap is “profoundly” undervalued and raising money for Specs would unlock significant shareholder value”