Pinterest to cut nearly 15% of workforce in AI push
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The news: Pinterest on Tuesday said that it will lay off less than 15% of its workforce and reduce office space as it reallocates resources to AI-focused roles and teams.
The numbers: In an SEC filing on Tuesday, the social media company said that the board-approved global restructuring plan is anticipated to cost approximately USD35 million ($50.4 million) to USD45 million pre-tax.
Around 700 jobs are set to be impacted by the layoffs, the WSJ reports.
The context: Pinterest said that it is pursuing the workforce reduction to support transformation activities, including reallocation of resources toward AI-focused roles and teams driving AI adoption and execution, prioritising AI‑powered products and capabilities, and accelerating the transformation of its sales and go-to-market approach.
Pinterest said it plans to execute the restructuring by the end of the third quarter this year.
The sources: Pinterest filing, WSJ
