Pinterest to Lay Off 15% of Workforce, Shifts Focus to AI

• Pinterest announced plans to cut less than 15% of its global workforce and reduce office space.
• The restructuring, approved by the board, aims to reallocate resources towards Artificial Intelligence (AI).
• The company expects to incur $35 million to $45 million in pre-tax restructuring charges.
• Up to 700 employees could be affected by the layoffs, given Pinterest's 4,666 employees.
• The restructuring is part of a broader tech trend of companies prioritizing AI and optimizing operations.

Why It Matters: Pinterest is laying off employees and restructuring to prioritize AI development and adoption.