Crypto.com Slashes 12% of Workforce, Cites AI Push Amid Market Woes

Crypto.com CEO Kris Marszalek just dropped a bombshell on X, announcing a 12% cut in his team. The reason? Artificial intelligence. Marszalek believes those not jumping on the AI train will miss the next big wave. Big talk, but is it the real story?

Let's break it down. The company's move to integrate AI isn't new in the tech jungle. Marszalek claims slow movers will bite the dust, and his company isn't waiting around. But here's the kicker, this news comes on the heels of Crypto.com's own token, Cronos, taking a nosedive. From a high of $0.32 in August to just $0.07, that's a 70% fall! Talk about a rough few months.

Oh, and remember when Crypto.com went all in on the AI.com domain for a cool $70 million? Yeah, that kind of spending when you're also cutting jobs. And this isn't their first rodeo with layoffs. They trimmed 5% of their workforce in June 2022 and another 20% in January this year. All this while citing AI as the next big thing. Sounds more like a smokescreen to me.

Here's the thing: AI might be the future, but blaming it for layoffs feels like a convenient excuse. The crypto market's tough right now, and companies might be using AI as cover for deeper issues. Could this be a smokescreen strategy? Anon, let me save you some gas fees, stay skeptical.