Oracle reportedly fired 30,000 people with a single cold email "today is your last working day."😔
This is the largest layoff in Oracle's history roughly 18% of its entire global workforce of 162,000 people across the US, India, and other regions all hit at the same time.
The reason is simple. #Oracle took on $58 billion in new debt to build AI data centers. The cuts are expected to free up $8-10 billion in cash flow to fund that expansion.
The irony is Oracle posted a 95% jump in net income last quarter, hitting $6.13 billion in profit. They are not firing people because the business is failing. They are firing people to pay for AI.
This is what the #AI economy looks like. Record profits. Record debt. And 30,000 people finding out they lost their jobs before their morning coffee.