Snap Inc cuts 530 employees, 10% of workforce, to boost in-person work

California-based social media company will focus on in-person collaboration' after eliminating jobs multiple times in recent years

The owner of Snapchat is laying off approximately 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce 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 Inc statement to CNBC read.