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Oracle axes 21,000 jobs in massive layoff, AI replaces workers
New York Post • • business
Key Points:
- Oracle has cut 21,000 jobs, reducing its workforce from 162,000 to 141,000 as of May 31, citing AI adoption as a factor contributing to workforce reductions.
- The company is investing heavily in AI, building expensive data centers for clients like OpenAI, even as it implements significant layoffs to cut costs.
- Layoffs have sparked criticism, with allegations that Oracle targeted employees with substantial stock options while its CFO received a $26 million stock package.
- Oracle’s employee count is now slightly below pre-acquisition levels following its $28 billion purchase of Cerner in 2022, which added thousands of staff near Kansas City.
- Oracle’s headquarters relocations from California to Texas and then Tennessee reflect a broader corporate migration trend, with Texas now hosting more Fortune 500 headquarters than California amid concerns over California’s taxes and living costs.
