Todd Spangler NY Digital Editor Snap announced that it was cutting 20% of its workforce in a bid to contain costs — eliminating nearly 1,300 positions — and that the company will discontinue funding original series. With the moves, Snap estimated it will save $500 million in cash expenses on an annualized basis relative to the second quarter of 2022. That includes a $50 million estimated reduction in fixed content costs with the elimination of Snap Originals. Shares of Snap were up 10% Wednesday in mid-morning trading on the restructuring news, but the stock price is still down more than 75% year to date.