Tech layoffs accelerate as companies cite AI, while insiders reap massive wealth
By
Connie Loizos
Hot, fresh, and worth queueing round the block for.
Summary
Tech companies are posting record profits while laying off tens of thousands of workers, citing AI as the official reason. So far this year, nearly 150,000 people have been affected across 363 layoff events — a pace 44% faster than last year. The article highlights the stark contrast between mass layoffs and the immense wealth being generated for a small cohort of AI insiders, framing the situation as a growing powder keg of worker discontent.
Key quotes
· 3 pulledSomething strange is happening in tech right now. Companies are posting record profits and revenue while laying off tens of thousands of people, citing AI as the official explanation.
So far this year, there have been an estimated 363 layoffs at tech companies this year, affecting nearly 150,000 people — a pace of about 974 people per day, 44% faster than last year
At the very moment that tens of thousands of workers are being shown the door, a small cohort of AI insiders is becoming wealthy on a scale that's hard to comprehend.
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