Crypto.com lays off 12% of workforce in latest company to cite AI in job cuts
#Crypto.com #layoffs #AI #workforce reduction #cryptocurrency #job cuts #restructuring
📌 Key Takeaways
- Crypto.com laid off 12% of its workforce, citing AI as a factor in the job cuts.
- This is part of a trend of companies attributing layoffs to AI integration and efficiency.
- The move reflects ongoing restructuring in the cryptocurrency industry amid market challenges.
- The company aims to optimize operations and focus on strategic priorities through these cuts.
📖 Full Retelling
CEO Kris Marszalek said the layoffs were in "roles that do not adapt in our new world" as the company integrates enterprise-wide AI.
🏷️ Themes
AI Impact, Cryptocurrency Layoffs
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Original Source
Cryptocurrency trading platform Crypto.com announced Thursday that it is laying off 12% of its staff as the company integrates artificial intelligence . "We are joining the list of companies integrating enterprise-wide AI. Companies that do not make this pivot immediately will fail," CEO Kris Marszalek posted on X . "As part of this step, we have also made a targeted ~12% workforce reduction of roles that do not adapt in our new world," he added, saying the new structure prepares the company for "continued success." A Crypto.com spokesperson told CNBC that all impacted team members have been notified, but declined to provide the exact number of employees let go. The cryptocurrency platform's layoffs come as a growing number of companies cite AI for mass workforce reductions . Last month, Block laid off more than 4,000 employees, almost half of its workforce . Read more CNBC tech news Micron revenue almost triples, tops estimates as demand for memory soars Uber to invest up to $1.25 billion in EV maker Rivian in deal to launch 50,000 robotaxis Meta is shutting down VR social platform Horizon Worlds in further pivot away from the metaverse Meta’s Manus launches desktop app to bring its AI agent onto personal devices amid OpenClaw craze "The core thesis is simple. Intelligence tools have changed what it means to build and run a company," CEO Jack Dorsey wrote in the announcement to shareholders . "A significantly smaller team, using the tools we're building, can do more and do it better," Dorsey said. Earlier this week, Reuters reported that Meta is planning layoffs that could affect up to 20% of the company . The decision would help offset the company's high spending on AI infrastructure, and "prepare for greater efficiency brought about by AI-assisted workers," according to Reuters. In February, Marszalek bought the domain name AI.com for $70 million, the highest price ever disclosed for a domain, according to the Financial Times . The site ran a 30-second Super Bowl...
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