Pinterest to cut 15% workforce, shifts focus to AI innovation

• Pinterest announced plans to lay off fewer than 15% of its workforce, impacting approximately 700 employees.
• The company is reallocating resources and prioritizing AI-focused roles and teams to drive AI adoption and product development.
• Layoffs are expected to be completed by late September, with Pinterest anticipating $35 million to $45 million in restructuring charges.
• This move aligns with the broader tech sector's increased investment in AI, as Pinterest has already launched AI-powered tools like Pinterest Assistant and personalized boards.
• CEO Bill Ready emphasized the role of open-source AI models in cost management during a recent earnings call.

Why It Matters: Pinterest is reducing its workforce to boost AI investment and streamline operations, reflecting a tech industry trend.