Snap announced it will cut 16% of its workforce as the company pushes toward profitability, a move that signals deepening pressure on social media platforms reliant on digital advertising revenue. The reduction follows a period of slowing growth and mounting losses that have weighed on Snap's stock and investor confidence. Workforce reductions at this scale typically target operational and product functions, though the specific divisions affected were not detailed in available reporting. For Snap, whose business model depends on advertiser spending tied to user engagement metrics, the cuts represent a structural bet that leaner operations can convert into positive margins before cash reserves are strained. Investors will watch whether the headcount reduction translates into meaningful cost savings without accelerating user or talent attrition. The broader digital advertising market remains competitive, with Meta and Alphabet continuing to command the dominant share of ad budgets, leaving smaller platforms like Snap with limited pricing power and narrower paths to sustainable profitability.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
