Crypto.com lays off 12% — latest company to cite AI in job cuts

Source Domain: www.cnbc.com

Here is an unordered list summarizing the key points of the article:

AI Integration and Workforce Reduction at Crypto.com: Crypto.com announced it is laying off 12% of its staff to integrate artificial intelligence into its operations, according to CEO Kris Marszalek on X.
Industry Trend: The layoffs at Crypto.com come amid a broader trend where several companies, including block and Meta, are using AI as a reason for significant workforce reductions.
CEO Insights: Marszalek stressed that companies needing to integrate AI now or risk failure; however, he assures that the changes will contribute to “continued success.”
Previous Layoffs: Earlier in 2023, Crypto.com laid off 20% of its global workforce citing financial prudence and the impact of the FTX collapse.
High-Stakes Moves: Notably, Marszalek purchased the domain name AI.com for $70 million, an unprecedented deal, and invested heavily in AI technologies.
Communication to Employees: Although precise figures of those laid off are undisclosed, all affected members have received notifications, according to a Crypto.com spokesperson.
Reuters Report on Meta: Reuters reported plans for Meta to cut up to 20% of its workforce to offset AI infrastructure costs and improve efficiency through AI integration.