TechFlow news — On Thursday, Jake Sheinman, co-founder of the Web3 team at social giant Snap (parent company of Snapchat), tweeted that "due to a company restructuring decision to shut down our Web3 team, I will also be leaving the company." On Wednesday this week, Snap CEO Evan Spiegel announced a business reorganization, including halting investments in areas such as Snap Originals, Minis, Games, and Pixy, phasing out standalone apps Zenly and Voisey, and reducing the workforce by approximately 20%.
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