Coinbase shares pop as CEO Brian Armstrong cuts 700 jobs and blames AI
By Lance Datskoluo
AI summary of the source article
Coinbase is cutting approximately 14% of its global workforce, impacting roughly 700 employees, as part of a restructuring to refocus the company around artificial intelligence. The exchange expects to incur between $50 million and $60 million in restructuring charges, mostly recognized in the second quarter. Following the announcement, Coinbase shares rose by as much as 4% on Tuesday morning.