Daily Market Updates: Coinbase shares rise after CEO announces 700 job cuts

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Coinbase shares rise after CEO announces 700 job cuts

Coinbase said the restructuring will cut about 14% of its global workforce, and shares climbed as much as 4% early Tuesday.

Reported · Written up by our desk · Market Structure

Coinbase said it is slashing about 14% of its global workforce, cutting 700 jobs in a company restructuring led by CEO Brian Armstrong, according to DL News.

The report said Coinbase shares rose as much as 4% early Tuesday after the announcement.

DL News reported Armstrong said the job cuts were driven by artificial intelligence, as the company refocuses its operations around AI.

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DL NewsCoinbase shares pop as CEO Brian Armstrong cuts 700 jobs and blames AI

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Coinbase shares rise after CEO announces 700 job cuts

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