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- 📝 Dropbox cutting 20% of staff
📝 Dropbox cutting 20% of staff
Liam Gill
October 31, 2024
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News of the Day
Dropbox will cut 20% of its workforce, affecting 528 employees, as part of a restructuring to improve efficiency. CEO Drew Houston explained the layoffs are due to slower demand and heightened competition from rivals like Google Drive. The move aims to streamline operations and fund investments in AI. Severance and other transition benefits for affected employees are expected to cost $63-68 million, with most expenses recognized in Q4 2024. Further strategy updates are planned as Dropbox pivots towards an AI-focused future.
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Chinese gold bar and coin consumption up 27% y/y YTD thru September.
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— Luke Gromen (@LukeGromen)
2:16 PM • Oct 30, 2024
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