Sources: Snap is planning to lay off ~20% of its 6,400+ employees; the layoffs are set to begin on Wednesday (Alex Heath/The Verge)

Alex Heath / The Verge:
Sources: Snap is planning to lay off ~20% of its 6,400+ employees; the layoffs are set to begin on Wednesday  —  Snap's stock price has declined nearly 80 percent this year  —  Snap is planning to lay off approximately 20 percent of its more than 6,400 employees, according to people familiar with the matter.