AI bet goes awry: Oracle fires 21,000 employees
Oracle has laid off 21,000 employees, which is approximately 13% of its staff, in order to fund a $300 billion computing deal with OpenAI. The massive project is now in jeopardy due to a credit downgrade and the requirement of $7 billion in power grid guarantees. This significant investment and subsequent layoffs have put Oracle's financial situation under scrutiny.
- ▪Oracle laid off 21,000 employees, about 13% of its staff, to fund the OpenAI deal.
- ▪The company is investing $300 billion in the computing project with OpenAI.
- ▪A credit downgrade and $7 billion in required power grid guarantees threaten the project's viability.
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AI bet goes awry: Oracle fires 21,000 employeesOracle laid off ~13% of its staff to fund a $300B computing deal with OpenAI. Now, a credit downgrade and $7B in required power grid guarantees put the massive project in jeopardy.Follow us on GoogleLarry Ellison, Co-Founder and Chief Technology Officer of Oracle(photo credit: GettyImages/Andrew Harnik)
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