Tech industry
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1 day agoCoinbase lays off nearly 700 workers in 'AI-native' restructuring - Engadget
Coinbase is laying off 14% of its workforce, approximately 700 employees, as part of an AI-driven restructuring effort.
After being clearly informed that Pinterest would not broadly share information identifying impacted employees, two engineers wrote custom scripts improperly accessing confidential company information to identify the locations and names of all dismissed employees and then shared it more broadly,
Amid wider economic uncertainty, some analysts have said that businesses are at a "no-hire, no fire" standstill. That's caused many to limit new work to only a few specific roles, if not pause openings entirely. At the same time, sizable layoffs have continued to pile up - raising worker anxieties across sectors. Some companies have pointed to rising operational costs spanning from U.S. President Donald Trump's barrage of new tariffs and shifts in consumer spending.
Meta is cutting about 600 positions from its artificial intelligence division as part of a broader restructuring aimed at improving efficiency and accelerating progress toward next-generation AI systems. The changes come as the company continues hiring for its new TBD Lab, which focuses on advancing Meta's work in superintelligence. According to an internal memo obtained by Axios, Chief AI Officer Alexandr Wang said the company's long-standing AI operations had become too bureaucratic. The restructuring, he wrote, will "reduce the number of conversations required to make decisions" and give each remaining team member "more scope and impact."