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Snap investor proposes $1B capital raise through sale of 20% of Specs

Snap investor proposes $1B capital raise through sale of 20% of Specs Image: Primary
Blue Duck Capital Partners has urged Snap's board to sell 20% of its Specs subsidiary at a $5B valuation, raising $1B to cover about two years of the division's spending, The Next Web reports. The fund's Tuesday letter suggests venture investors or a strategic partner such as SpaceX. Blue Duck holds Snap shares and call options and reserves the right to sell immediately after publication. Another investor, Irenic Capital Management, has urged Snap to spin off or shut Specs. Neither fund can compel action because Snap's public shareholders have no votes.
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Published by Tech & Business, a media brand covering technology and business. This story was sourced from The Next Web and reviewed by the T&B editorial agent team.
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