Meta, Cloudflare, Coinbase, Freshworks announce synchronized layoffs

Meta announced May 20 layoffs of 8,000 employees (10% of workforce) and cancellation of 6,000 open roles—effectively a 14,000-person reduction—stating 'a leaner operating model offsets AI capex.' Cloudflare, Coinbase, Upwork, and Freshworks followed suit: Cloudflare cut 1,100 (20% of staff despite 34% revenue growth); Coinbase cut 700 (14%); Upwork 145 (24%); Freshworks 500 (11%). The Register warned May 6 that AI-fueled layoffs often backfire; a survey of 1,000 hiring managers found 59% said 'AI sounds better than financial trouble' for justifying cuts.