AI Layoffs Surge: Cloudflare, Coinbase, PayPal Cut Jobs
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- Cloudflare announced it would cut more than 1,100 jobs globally, about 20% of its 5,156‑person workforce, after internal AI usage rose 600% in three months.
- Bill said it would slash up to 30% of its headcount, though exact numbers were not disclosed.
- Upwork CEO Hayden Brown told employees the company would cut roughly a quarter of its workforce to move faster with smaller teams and meet profitability goals.
- Ticketmaster reportedly cut 8% of its global workforce, roughly 350 employees across 25 countries.
- PayPal plans to eliminate about 20% of its 23,800‑person workforce over the next two to three years—around 4,760 jobs—to remove duplication and accelerate AI adoption.
- Coinbase announced a cut of about 14% of staff, roughly 700 employees, framing the shift toward smaller, AI‑augmented teams.
Why it matters: Employees at six major firms lose up to 30% of jobs as firms prioritize AI‑augmented, leaner teams, while investors may see cost‑cutting benefits. The wave underscores AI’s accelerating role in corporate restructuring, shaping labor markets faster than current disruption studies suggest.
