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CNBC Top News·2 min read

Crypto.com lays off 12% of workforce as latest company to cite AI in job cuts

Crypto.com reduces workforce as AI integration accelerates.

Crypto.com has laid off 12% of its workforce as part of its strategy to integrate artificial intelligence across the company. CEO Kris Marszalek indicated that these cuts are aimed at roles that do not align with the company's new direction, highlighting a broader trend in the industry where companies are reassessing their workforce in light of AI advancements.

Key Takeaways

1.
Crypto.com CEO Kris Marszalek stated that the layoffs target roles that don't adapt to AI.
2.
This follows a trend where companies like Block and Atlassian have also announced significant layoffs due to AI integration.
3.
In 2023, Crypto.com previously laid off 20% of its workforce due to financial challenges.

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