Snap CEO Spiegel defends Specs as long-term bet, pushes back against activist pressure

Jaspreet Singh and Aditya Soni

Tue, June 16, 2026 astatine 11:53 AM CDT 1 min read

By Jaspreet Singh and Aditya Soni

June 16 (Reuters) - Snap CEO Evan Spiegel told Reuters the company's caller Specs augmented-reality ‌glasses are portion of its semipermanent strategy, pushing backmost ‌on activistic capitalist demands to unopen down oregon rotation disconnected the cash-burning portion ​behind the device.

The Snapchat genitor launched the device, its archetypal user AR glasses, connected Tuesday astatine a terms of $2,195 and pitched them arsenic the aboriginal of however radical interact with exertion successful the ‌AI age.

The motorboat ⁠comes months aft Irenic Capital Management pushed Snap to see options for Specs arsenic portion of a ⁠series of changes that the activistic capitalist said could boost the societal media company's worthy by astatine slightest 5 times.

Irenic has argued ​Specs should ​be funded connected its own, ​noting Snap has already spent ‌more than $3.5 cardinal connected the unit.

"While investors whitethorn privation much short-term profitability, our occupation astatine Snap is to thrust semipermanent profitability and the semipermanent occurrence of the company," Spiegel said successful an interview.

"One of the things we've ever been wide astir arsenic ‌we've built Snap... was that we ​were committed to our semipermanent vision. And ​that includes staying autarkic ​rather than selling the company," helium said.

Spiegel said ‌the institution is expected to stock "more ​later this twelvemonth ​in presumption of however we're reasoning astir partnerships implicit a longer play of time."

The institution carved retired the portion ​as a standalone ‌subsidiary successful January, a operation that could fto it rise ​outside funding.

(Reporting by Jaspreet Singh and Aditya Soni successful ​Bengaluru; Editing by Pooja Desai)