tech
Monday.com lays off hundreds to focus on AI
The company said it is reducing its headcount by 20%, or about 630 staff, to "support a leaner, more focused operating model" as it focuses on its AI Work Platform.
TL;DR
- Monday.com is laying off 20% of its staff, around 630 employees.
- The layoffs are part of a restructuring plan to concentrate investments on AI projects.
- The company is focusing on its AI Work Platform, which offers features like a no-code app builder, AI agent, automation, and a chatbot.
- This move reflects a larger trend of tech companies laying off employees to reinvest in AI.
- Monday.com anticipates incurring $45 million to $55 million in restructuring charges.