Thursday, May 23

Dropbox is laying off 500 people and pivoting to AI – The Verge

Summary:

  • Dropbox is laying off around 500 employees, 16% of the company’s workforce
  • The layoffs are attributed to a rocky economy, but also to allow for building out the AI division
  • Dropbox will consolidate its core and document workflow businesses and make adjustments to product development teams
  • Dropbox is still profitable despite tough economic times and the layoffs are part of natural maturation of the business
  • CEO Drew Houston is determined to ensure that Dropbox is at the forefront of the AI era
  • Affected employees will receive a minimum of 16 weeks of pay, up to six months of healthcare, career coaching, and job placement support.

Dropbox is laying off 500 people and pivoting to AI  The Verge

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