Snap, the owner of Snapchat, is laying off about 10% of its global workforce

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs. Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter.