Monday.com, the Tel Aviv-based work management software company known for its colorful, customizable project-tracking boards, this week became the latest tech company to cite AI as a factor in job cuts. On Wednesday, the company said in an SEC filing that it will lay off about 20% of its workforce, or just over 600 employees, as part of a 'restructuring plan' tied to its 'ongoing transformation of its product, marketing, and go-to-market strategy' in support of 'a leaner, more focused operating model' as it continues investing in its 'AI-driven growth strategy.' Co-founder Eran Zinman told employees in a LinkedIn memo that the move 'was not made to reduce costs or replace people with AI,' positioning it instead as adapting the organization to a new AI-first vision the company laid out roughly a year ago when it rebranded around a platform-wide AI push. Monday.com, which has two offices in the U.S., expects $45 million to $55 million in net restructuring charges but still projects up...
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