Snap CEO Evan Spiegel announced a major restructuring with startup-style squads to drive growth amid slowing ad revenue and rising competition, according to Benzinga. Spiegel said Snap will form five to seven small startup-style teams after its ad revenue growth slowed to 4 year-over-year in the second quarter. Snap reported a $263 million second-quarter net loss as it faced ad competition from Meta, Alphabet, and TikTok. Spiegel said Snap is “squeezed” between trillion-dollar tech giants facing monopoly suits and smaller rivals with growing influence. Spiegel said Snap will target medium-sized customers, with each new activation averaging nearly \$6 million in annualized U.S. revenue. Spiegel’s squad strategy is modeled on Snapchat+’s growth to about 15 million subscribers and nearly \$700 million in recurring revenue within three years. The service now generates over half of Snap’s incremental revenue growth.