Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Chesnot/Getty Images

Snapchat on Wednesday released its first-ever diversity report, showing that the company is still slightly behind its peers in terms of equal representation of people of color and women, especially on its technology teams, but that it's made progress adding more women to its leadership team.

Why it matters: It's taken a while for the 9-year-old Los Angeles-based tech firm to publicly confront its diversity shortcomings on paper. But incidents, like settlement payouts to laid-off women, have pushed the firm to take the issue much more seriously.

The big picture: The report was released at the same time that the CEOs of four of its tech peers — Facebook, Google, Amazon and Apple — were testifying on Capitol Hill about antitrust, capturing most of the attention of reporters and the tech industry.

Details: The report finds that while gender disparities are stark on certain teams, Snapchat has made some improvements.

  • Women still only make up 16% of Snapchat's tech teams and just 7% of its tech teams’ leadership.
  • Overall, women made up 32.9% of Snap’s global workforce in 2019, an increase of 0.9% from 2018. The company says it's added more women to leadership roles and has retained more as well.
  • Black and Hispanic people are underrepresented in Snap’s U.S. business, representing 4.1% and 6.8% of the workforce, respectively. In 2019, overall representation of these populations at Snap increased 0.6% and 0.5%, respectively.
  • Overall, Snapchat's leadership (director+ level) is 70.4% white, 16.5% Asian, 2.6% Black/African American, 2.6% Hispanic/Latino, 0.9% Native Hawaiian/Pacific Islander, and 7.0% multiracial.
  • Snapchat's senior leadership team (VP+) is 74.2% white, 12.9% Asian, 3.2% Black/African American, 3.2% Hispanic/Latino and 6.5% multiracial.

What to watch: Snapchat has committed to new diversity goals in the next three years.

  • It's aiming to double the number of women in tech by 2023 and double the number of underrepresented U.S. racial and ethnic minorities at Snap by 2025.

Between the lines: The diversity report was released in conjunction with Snapchat's first public "CitizenSnap" report, which details its work addressing environmental and community problems, including its carbon footprint and living wage commitment.

  • Snapchat says it's making its app carbon neutral "by cutting its energy use and buying qualified offsets."
  • It says it's committed to paying more than $70,000 per year to all employees working at its headquarters.

Go deeper

House GOP adds at least 10 women to their ranks

Republican congressional candidate-elect Nancy Mace. Photo: Michael Ciaglo/Getty Images

A record number of Republican women ran for federal office this year and so far the GOP has boosted the number of women in the House by at least 10 members.

Why it matters: The new representatives reflect a big win for the Republican Party — and a payoff in their efforts to recruit women to run for office. Only 13 women held seats in the House in the 116th Congress; those numbers are now expected to be at least 23 (the AP has called at least 12 races and two of the current female representatives are retiring).

Dan Primack, author of Pro Rata
8 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.