told workers they would be receiving additional restricted stock awards to get people's compensation back up to the value they were at when first granted. While there was talk internally over the summer of Snap doing this, the meeting was the first time workers heard for certain they would be receiving new grants.
As part of a regulatory filing this week disclosing the layoffs, Snap laid out a strategy for managing, which often happens when more stock is granted to employees. The company said it intends to continue incentivizing workers with stock-based compensation, but that a recently completed $500 million stock buyback"more than fully offset" such grants over the previous year. It also said the buyback was just the"first" of such actions.