Snap Attracts Activist Investor Irenic in Call for Changes (4)

Activist investor Irenic Capital Management has built a position in social media company Snap Inc. and is pushing for changes to improve financial and operating performance.

The investor sent a letter to Snap Chief Executive Officer and co-founder Evan Spiegel, outlining its views it hopes could boost the company’s shares to more than $26 each.

Irenic’s economic interest in Snap’s Class A shares is around 2.5%, the letter said, confirming an earlier Bloomberg News report. Spiegel and his co-founder, Bobby Murphy, control Snap through a special voting class of shares.

Snap’s shares closed up 14.4% at $4.60 per ...