Crypto.com lays off 12% — latest company to cite AI in job cuts
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Cryptocurrency trading platform Crypto.com The company will lay off 12% of its staff as it integrates artificial intelligence, the company announced Thursday.
“We join the list of companies integrating AI across the enterprise. Companies that do not make this pivot now will fail,” said CEO Kris Marszalek. Published on X.
“As part of this step, we also made a targeted workforce reduction of ~12% in roles that are not adaptable to our new world,” he added, saying the new structure sets the company up for “continued success.”
A spokesperson for Crypto.com told CNBC that all affected team members have been notified but declined to provide the exact number of laid-off employees.
The cryptocurrency platform’s layoffs come as a growing number of companies talk about artificial intelligence for mass workforce reductions.
Last month, To obstruct It laid off more than 4,000 employees, nearly half its workforce.
“The basic thesis is simple. Intelligence tools have changed what it means to start and run a company,” CEO Jack Dorsey wrote. notice to shareholders.
“A much smaller team using the tools we created can do more and do better,” Dorsey said.
Earlier this week Reuters reported: Meta is planning layoffs that could affect 20% of the company.
According to Reuters, the decision will help offset the company’s high spending on AI infrastructure and “prepare for greater productivity enabled by AI-powered workers.”
Bought Marszalek domain name in February AI.com $70 million is the highest price ever announced for a domain name. Finance Times. The site released a 30-second Super Bowl commercial this year. AI agent launch.
Crypto.com, headquartered in Singapore with offices in the US and elsewhere, is going out of business in 2023 20% of the global workforceHe cited the collapse of crypto company FTX and a “focus on prudent financial management.”
