Randian Capital Publishes an Open Letter to Snap?s Board

Published: 2026-04-22 12:05:48 ET SNAP

Published on 04/22/2026 at 12:05 pm EDT

On April 22, 2026, Randian Capital LLC announced that it has published an open letter to Snap Inc.?s Board of Directors calling for a strategic review of Snap subsidiary Specs Inc., a review of the current Board composition, a review of Company?s potential index inclusion, and an independent review of President Trump?s Snapchat account. In addition, Randian Capital urged the Company Board to consider a value-creating transaction involving the sale of Specs Inc. to Spiegel for a contingent value right tied to Specs? future revenues, with public shareholders benefiting from prospects and Company no longer penalized for ongoing investment.

Further, Randian Capital encourages the Company to fund Specs with a final investment of $250mm-$500mm, ensure future financing is privately sourced, and subject any transaction to approval by a fully independent special committee of the Board, supported by independent legal and financial advisors, and conditioned on a fairness opinion. Furthermore, Randian Capital recommends refreshing the Board?s membership to add directors with proven operating experience in artificial intelligence and advertising monetization at scale and urges a review of mechanisms for Company?s inclusion in major indices and a potential move to Nasdaq. Randian Capital in its letter calls for an independent review of the decision to ban President Trump on Snapchat, considering implications for user growth, engagement, and advertiser demand, and encourages Evan Spiegel to address these items on the upcoming earnings call, emphasizing that swift attention to these matters will help maximize the long-term value of Snap.