Tech Layoffs at Meta, Coinbase, and Block: AI Blamed but Business Woes Loom Larger
By
Kalley Huang
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Summary
Meta, Coinbase, and Block have collectively laid off about 13,000 employees (at least 10% of their workforces) and partially blamed artificial intelligence for the cuts. However, the layoffs also coincide with significant business challenges: Meta's failed $80 billion metaverse bet, Coinbase's volatile cryptocurrency market struggles, and Block's unspecified issues. The article suggests that AI may be serving as a convenient excuse for job cuts that are actually driven by broader business problems.
Key quotes
· 3 pulledMeta, Coinbase and Block have each laid off at least 10 percent of their employees in recent months and partly blamed artificial intelligence.
Meta backed away from its big bet on the so-called metaverse, which cost the company about $80 billion.
Coinbase's chief executive, Brian Armstrong, said that its business remained volatile and that there was 'a down market' for cryptocurrency.
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