Crypto.com reduced 12% of workforce because of AI

[Oshosondy]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

[The Cryptovator]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

AI makes life easier because AI does work a couple of x faster than humans. I admit AI would reduce employment, but 40% seems unrealistic; hence, they re-employ a few more workers. On the other hand, AI would create a few more jobs as well, probably in the other section, like development and maintenance as well.

I am not against AI, but we need to develop ourselves and develop more skills to compete with AI. Otherwise there is a chance the unemployment rate will increase. We have to learn the use of AI and seek how to expand these AI sectors.

[tabas]

Most of the tech companies will rely now their workforce to AI. And that's why these reductions of staff is to be expected by most of them. So for those employees, don't be assured that you're irreplaceable because in the modern days, anyone can be replaced by the companies based on their skills. We have to upskill and continue to learn more of the new skills and adapt to the technology. Otherwise, if you're well off and you're able to save and have got some farm, it's now time to learn skills with the nature through farming and planting since this is what many of the tech people does for their planned retirement.

[Spaceman1000$]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

The result will be brutal to those affected staff's, 12% might look little but it's people's livelihoods we are talking about, sometimes CEOs don't take decision because it's necessary but because they just want to make or try one social experiment, forgetting that workers labor and sweat have been put in. With regards to this particular company, AI is reducing reducing employment and not creating.

[Zaguru12]

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

This is where I think it actually gets cut in, personally I have looked at this and said that this is technology and it will continue to improve and what do we have to do about it, we simply improve ourselves too. AI is the first to come out like this this, I think when the use of computer came out we actually had the likes of typewriters sweating about their works but some improved and became computer typist. While digital custom camera was a thing then we begin to see cameras on phones then even photographers started improving their skills that actually could still use the phone cameras better than ordinary people and this means you still require their service for some events.

So one thing I think with people actually having this tech skills is that it’s best they start learning about all this AI prompting to help improve them because this AI is definitely not going to slow down its advancement at the moment. Best is to advance with it,

[Renampun]

Given the current development of AI technology, it's no surprise that large companies are reducing their workforces, especially as increasingly intelligent AI agents replace repetitive tasks, it's conceivable that many departments will have their workforces reduced. it's highly likely that this wave of layoffs will continue to affect other companies that see the need for efficiency in their companies.

[Joy_learns_crypto]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

It’s is reducing employment, because jobs has been cut off but it is also giving employment to programmers of these Ai but the difference is clear, many people are losing their jobs to Ai.
It may not have been attributed to Ai but Elon musk cut the workers of Twitter when he took over as the new owner of the company.
Some billionaire CEO using the power of smaller team, stronger team, I think many unnecessary jobs will be cut off even further.

[Majestic-milf]

 It's painful to know that you got laid off because of AI and there's nothing you can do about it. Gradually, big companies will start adopting this pattern and where will that leave people? This is not a situation where you are just not digitally literate and you can try and learn how to, this is just companies trying to cut costs.

[Fortify]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

Businesses are dynamic and have to flex all the time. Nobody likes it but no business can grow indefinitely or sustain a certain size workforce without reviewing it every so often. Sometimes different business units become unprofitable because of competition but if they stayed operating they could drag down the rest of the company with losses. It can be a better business decision to trim jobs, but you have to hope it is not done in a shortsighted way - thinking these people could be outsourced or automated with AI - and driven by greed. There are lots of jobs in computing and management that are going to continue suffering from downsizing in the coming years, especially as AI gets better optimized and accurate.

[el kaka22]

There will be a lot more cuts like this with AI taking over jobs, but then companies do realize that they made a big mistake with it as well. Microsoft for example hired a lot of people from overseas, and then told them to use AI and now they are breaking every single thing and the whole company is trying to put out the fire instead.

This is what we are facing against, AI is not at that level, you can't assume AI can replace jobs, not yet. You have to have people who are great workers in order to keep them working so that you would know what's going on. AI doesn't even know when it's wrong, it just assumes and this is why it is not a good investment decision to fire your people and just get whoever left a subscription for Claude or whatever.

[xLays]

Should we even be surprised anymore about this? It feels like this is just how things are now. We probably have to accept that most tech jobs will eventually be taken over by AI.
Well, I still believe there are things AI cannot do as well as humans.
If you are working in tech, you really need to be prepared because at any time AI could replace what you’re doing. That’s just the reality we’re facing now.

[Fiatless]

I am not against AI, but we need to develop ourselves and develop more skills to compete with AI. Otherwise there is a chance the unemployment rate will increase. We have to learn the use of AI and seek how to expand these AI sectors.

Competing with AI is like using a horse against a sports car in a car race. These tools are designed to help people perform jobs faster and more cheaply. So adopt and not compete with them. My suggestion is that workers would have to learn how to integrate AI tools in their jobs. An architect should know how to input prompts in certain AI tools to get the required designs. . Another piece of advice is for people to diversify into skills that have not been replaced by AI tools.

[aioc]

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

AI reduction of workforce from many companies is far greater than the number of jobs they can create, or the industry. It's just so painful that these companies' announcements that they just want to keep up and be a more successful company blatantly announce that AI is superior to humans.
Humans need to be ready for this eventuality and skill themselves and transfer to an industry that AI cannot touch; this is one of the harsh realities of many industries; companies do not value your contribution for many years, they just want profit, and they jump into a new technology where they save more on human resources.

[Odusko]

Obviously those that are engaged in job that can be done better with AI shouldn't be supprise that there is a development that can give employees better results and customers satisfaction than humans so I am not against that, because we already know that AI is here to make our jobs faster and easier so if there is any area that we need to improve ourselves with latest knowledge and skills to be able to use AI better as humans we need to get such knowledge as fast as we can.

[noorman0]

And what's interesting about some of the comments on X's post: "AI is just a cover for them to lay off 12% of their employees." I'm interpreting it as meaning that if they don't find a valid reason, they'll face legal action?

Perhaps this kind of transition movement deserves some verification from several perspectives to see whether AI is truly taking over 12% of the company's work. Often, such reports don't include any details about the jobs integrated with this technology that have successfully reduced the number of employees so significantly.

[Sticky Bomb]

I am not against AI, but we need to develop ourselves and develop more skills to compete with AI. Otherwise there is a chance the unemployment rate will increase. We have to learn the use of AI and seek how to expand these AI sectors.

You do not need to develop skills to compete with AI because you can never outperform a machine, rather we should integrate AI properly into our work schedules and learn to utilize it positively to increase our work rate and efficiency.
AI would be surely creating more jobs, but this time majorly for those who can work with it effectively

[Moreno233]

You can see this on Kris Marszalek (CEO of Crypto.com) post on X

https://x.com/kris/status/2034539285232398798?s=20

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

Despite the news about AI reducing workforce in the cooperate world, I still believe that it will create more jobs than it takes. AI is opening a whole new area of life that will enable more people earn a living not working their ass out but living their dream life and earning money from minimal effort. Although, this will only be accessible to those who put the effort to learn the AI skills needed.

[coin-investor]

AI is reducing employment but maybe it is also creating employment.

Employment reduction is proof that humans will have a hard time competing with AI, the companies can save a lot by employing AI. Humans must evolve and see the opportunities in AI.
I have a friend who was retrenched from work because of AI. He soon tapped the power of AI to become a content creator, so as a worker, you have to check if your position is the next to be targeted by AI and plan to make a shift from AI safe industry or work alongside AI as a boss.

[GeorgeJohn]

I posted about how Jack Dorsey reduced Blocks staff recently which was up to or more than 40% but recently there was a report that some of the workers have been re-employed but not all of them. AI is reducing employment but maybe it is also creating employment.

Most companies are replacing some of their staffs with Artificial intelligence [AI] especially bank's, it's obvious that banks is making use of more of Al than human staffs, The reason been that AI speeds up the functions of their jobs than the humans staffs, secondly, they spend much in paying salaries to staffs than using AI

[shinratensei_]

Doubt that it's creating employment but its indeed reducing workforce, the efficiency is still arguable because you're basically paying the AI company money now from just paying the workforce.
At the level of big company like this, I expected the cost to be astronomical for a company to integrate it to replace their workforce, although we wouldn't know the number.

But I think its replacing the outsourced workforce and also the junior employee.