Snap to Cut 10 , of Global Workforce.br On Feb. 5, Snap Inc. said it will lay br off about 500 employees in an effort to "promote in-person collaboration.".br The news prompted shares to br fall close to 1 that morning. .br Like many tech companies, br Snap has implemented numerous br rounds of job cuts since 2022.br In August 2022, Snap let go of 20 of its staff.br Most recently, Snap laid off about br 20 employees on its product team br back in November, CNBC reports. .br Snap expects the current round of layoffs br to cost the company about $55 million br to $75 million, a regulatory filing shows. .br We are reorganizing our team to br reduce hierarchy and promote br in-person collaboration. We are br focused on supporting our br departing team members, Snap spokesperson, to CNBC.br Last October, Snap announced a br $500 million equity buyback program. .br The company's stock price is still lower than its br debut price and its 2021 high of $83, CNBC reports.