Company chaired by Trump ally Larry Ellison seeks to reassure investors that bet on AI infrastructure will pay off
Oracle is cutting thousands of jobs as the US technology company seeks to reassure investors that its bet on AI infrastructure will pay off.
The $420bn firm, headquartered in Austin, Texas, started making employees redundant on Tuesday, with thousands of Oracle’s 160,000-strong workforce expected to leave.
About 10,000 people have lost their jobs so far, the BBC reported, citing an unnamed employee at the company, which is chaired by Larry Ellison, the billionaire ally of Donald Trump. He is worth $189bn (£142bn) and is the world’s sixth richest person, Forbes estimates.
Michael Shepherd, a senior manager at Oracle, who was not affected by the cuts, posted on the social media site LinkedIn that there had been a “significant reduction in force” at the business.
