Snap CEO works to rally workers amid lower stock price, Bloomberg reports

Snap CEO Evan Spiegel is working to rally the company’s employees amid a 48% drop in stock price this year, telling them in an internal letter that the company is on pace to report record annual revenue and will continue to move forward with augmented reality, Aisha Counts of Bloomberg reports. In the letter, Speigel wrote, “You may be wondering why, with all of the progress we’ve made in our business over the last year, our share price performance has lagged the overall market. The answer is simple: our advertising business is growing slower than our competitors.”