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Co-founder and CEO of Snap Inc. Evan Spiegel attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol, in Washington, U.S., January 31, 2024. 

Nathan Howard | Reuters

Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”

The Snapchat-maker’s shares fell around 1% in morning trading. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees.

The company expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.

The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.

More CNBC news on layoffs

“We are reorganizing our team to reduce hierarchy and promote in-person collaboration. We are focused on supporting our departing team members,” a Snap spokesperson told CNBC.

The social media company is the latest tech company to continue cutting in 2024. Nearly 24,000 tech workers lost their jobs in January alone. Already this month, cybersecurity and identity company Okta and Zoom have laid off staff.

Snap CEO Evan Spiegel testified before the Senate Judiciary Committee last week, one of several social media executives to face scrutiny over the damage that their platforms caused young people.

Investors generally support tech companies’ efforts to trim back headcount. Meta, for example, implemented a “year of efficiency” that saw brutal cuts to its workforce. The Facebook owner’s stock reached an all-time high after it reported strong earnings and announced its first ever dividend.

Amazon and Alphabet have also pursued similar headcount reductions.

Like Google and Facebook, Snapchat’s revenue is highly dependent on digital advertising spend. The company has stuttered in some quarters, but managed to snap a streak of revenue declines in its most recent quarter. The company has also initiated a $500 million share buyback program.

Snap stock remains below its debut price and well off its 2021 high of around $83.

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Nominate a company for CNBC’s 2025 Disruptor 50 list

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Nominate a company for CNBC's 2025 Disruptor 50 list

CNBC is now accepting applications for the 2025 Disruptor 50 list — our thirteenth annual look at the most innovative venture-backed companies using breakthrough technology to meet increasing economic and consumer challenges.

The deadline for submissions is Friday, Feb. 10 at 11:59 pm EST.

All independent, privately-owned companies founded after Jan. 1, 2010, are eligible, and any company founder or executive, investor in the company, or any of their communications representatives can access and submit an application.

Nominees will be put through a comprehensive and rigorous process of researching and scoring across a wide range of quantitative and qualitative criteria, including scalability, revenue and user growth, and the use of breakthrough technology.

Naturally, this means AI. Last year, roughly two-thirds of the 50 companies making the Disruptor 50 list describe artificial intelligence as “critical” to their businesses, including OpenAI, which has topped the list for the past 2 years.

But this also means that one third of last year’s Disruptors were NOT AI companies, and the 2025 list will also honor market-changing innovations in food, energy, financial services and other industries where some disruptions have been less dependent on the generative AI boom.

CNBC’s two advisory boards – one made up of leading academic thinkers in the field of innovation and entrepreneurship, the other a group of top-tier venture capitalists – will provide weighting for the quantitative criteria underpinning the list’s proprietary methodology that has made the Disruptor 50 recognition a gold standard in the startup community. The quantitative score is combined with a qualitative assessment and editorial review, performed by CNBC staff, who read every submission on the way to finalizing  the selection of this year’s fifty.

2025 honorees will be notified in April, and the list will be released in June across CNBC’s TV, digital and social platforms

Sign up for our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a closer look at list-making companies and their innovative founders.

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Cryptocurrencies jump to start 2025, bitcoin rises back above $96,000

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Cryptocurrencies jump to start 2025, bitcoin rises back above ,000

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. 

Dado Ruvic | Reuters

Cryptocurrencies rose to start the year, rebounding from recent losses as investor optimism returned to the market.

The price of bitcoin rose 2% to $96,711.71 Thursday, bringing its new year gain to about 3% when counting trading from the Jan. 1 session.

The CoinDesk 20 index, a measure of the broader cryptocurrency market, advanced 4%. The token tied to Solana, the popular Ethereum competitor, led the gains with a 7% increase. Crypto stocks Coinbase and MicroStrategy each climbed 4% as well.

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Bitcoin rebounds to start the year

This year is expected to be a banner year for the crypto industry thanks to a more favorable regulatory environment promised by President-elect Donald Trump. Investors are hoping Congress will pass its first ever crypto focused legislation – which could be centered around stablecoins or market structure.

Traders are also keen to see the crypto public equity markets open up with more initial public offerings and progress on a potential national strategic bitcoin reserve.

Crypto assets slid into the end of 2024. Although the post-election rally that sent bitcoin to new records above $100,000 had fizzled, the flagship cryptocurrency still ended the year up more than 120%. Long-term holders took some profits while others sold amid renewed uncertainty about the direction of Federal Reserve interest rate cuts in 2025.

Don’t miss these cryptocurrency insights from CNBC Pro:

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Tesla shares slide after it reports first drop in annual deliveries

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Tesla shares slide after it reports first drop in annual deliveries

Tesla CEO and X owner Elon Musk speaks during an unveiling event for Tesla products in Los Angeles on Oct. 10, 2024.

Tesla | Via Reuters

Tesla posted its fourth-quarter vehicle production and deliveries report on Thursday. Here are the key numbers:

Total deliveries Q4 2024: 495,570

Total production Q4 2024: 459,445

Total annual deliveries 2024: 1,789,226

Total annual production 2024: 1,773,443

Results for the quarter represented the first annual drop in delivery numbers for Tesla, which reported 1.81 million deliveries in 2023. It reported 484,507 deliveries in the fourth quarter of 2023.

Tesla shares fell by as much as 7% in trading on Thursday.

Analysts had expected Tesla to report deliveries in the quarter of 504,770, including 474,000 Model 3 and Model Y EVs, according to a consensus of estimates compiled by StreetAccount. Tesla sent some investors a company-compiled delivery consensus of 506,763 vehicles, based on a survey of 26 analysts. A widely followed independent Tesla researcher, who publishes as Troy Teslike, predicted deliveries of 501,000.

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company’s shareholder communications.

The fourth-quarter report comes after a huge late-year rally in Tesla’s stock, which finished 2024 up 63%. In mid-December, the shares reached a record, eclipsing their prior all-time high from 2021.

It was a big turnaround from the first quarter, when the stock plummeted 29%, its worst period since 2022, as the company contended with declining sales despite price cuts and incentives for buyers. On the company’s first-quarter earnings call in April, CEO Elon Musk told investors that while he expected “higher sales this year than last year,” the growth rate would slow from 38% in 2023.

The biggest story at Tesla in the back half of the year was Musk’s role in President-elect Donald Trump’s election campaign. Musk, the world’s richest person, poured in around $277 million to promote Trump and other Republican candidates, and spent weeks on the road campaigning in swing states.

Elon Musk speaks with U.S. President-elect Donald Trump at a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, U.S., November 19, 2024.

Brandon Bell | Via Reuters

Musk, who also runs SpaceX and xAI and owns social network X, has been tapped to co-lead an advisory group to the Trump administration that will aim to slash federal spending, personnel and regulations.

Sam Fiorani, a vice president at industry research group Auto Forecast Solutions, told CNBC in an email that Musk’s foray into politics may have “pulled his focus away from his core businesses.” However, the degree to which investors or EV buyers care won’t be reflected in Tesla’s numbers until the first quarter, he said.

Until recently, Tesla had been one of the only automakers mass producing battery-electric vehicles. The company now faces an onslaught of competition from domestic automakers, including General Motors, Ford and Rivian as well as BYD in China, Hyundai in Korea, and European auto giants BMW and Volkswagen.

Patrick George, editor in chief of InsideEVs, told CNBC that he thinks Tesla still does many things better than any other EV maker, especially when it comes to its charging network. But Tesla’s biggest operational challenge in the latest quarter was “the nuts-and-bolts job of being a car company.”

‘Piling up on used car lots’

Tesla has invested in a humanoid robotics initiative and chip development, and plans to produce a dedicated robotaxi and start a driverless ride-hailing service before 2027. While Musk and shareholders may not want to view Tesla as just a car company, most of the profits are still derived from vehicle sales.

George said that Tesla made a mistake not bringing “more affordable EVs in 2024,” and added that Cybertrucks — the company’s newest vehicle — are “piling up on used car lots.” The angular steel Cybertruck starts at around $80,000.

With competitors picking up market share in Europe, Tesla experienced a steep drop in sales in the region during the fourth quarter.

From January through the end of November, Tesla sold 283,000 vehicles in Europe, an approximately 14% decline from the same period a year earlier, according to registration data from the European Automobile Manufacturers’ Association, or ACEA. Registrations in Europe slid to 18,786 in November from around 31,810 a year earlier.

The company’s business in China was also pressured in the fourth quarter.

Fiorani said that while the Model Y is the second bestselling model in China, “its growth is failing to keep up with growth of the market.” Through November, sales of the Model Y were up more than 5% but overall EV sales in the country rose 8%, he said.

Meanwhile, BYD and other brands in China, including Chery, Li Auto, Jetour, LeapMotor and Aito, grew substantially faster than Tesla. BYD is also setting up plants outside of China and exporting prodigiously.

In North America, Tesla has remained dominant. The company offered a range of incentives and price cuts, even on its most popular Model Y SUV, during the fourth quarter to drive sales. Still, Tesla experienced a buildup of inventory.

During the fourth quarter, the company sent Cybertruck assembly line workers home for a few days, indicating that it may be looking to avoid flooding the market with too many of the vehicles.

Looking ahead to 2025, Musk said on an earnings call in October that Tesla expects to be offering lower-cost and autonomous vehicles in 2025, which should lead to “20% to 30% growth” over 2024.

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