Investor urges Snap to raise outside capital for Specs
Blue Duck Capital Partners has written to Snap’s board urging it to sell about a fifth of its Specs subsidiary at a $5B valuation, raising $1B to fund roughly two years of spending without diluting Snap shareholders. It is the second fund to press Snap over Specs, and the glasses ship this autumn into three markets, one of which is France.
A hedge fund wants Snap to sell a fifth of its augmented reality glasses business to outside investors at a $5B valuation. Specs go on sale this autumn in the United States, Britain and France. France’s data protection regulator has already told Meta that a recording light is not consent.
Blue Duck Capital Partners wrote to the board on Tuesday saying Snap is “profoundly” undervalued, as Bloomberg reported. Selling 20% of Specs at $5B would raise $1B and cover about two years of the division’s spending....
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