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In a nutshell: Sam Altman's Tools for Humanity, the company behind the iris-scanning technology designed to prove people aren't bots while being paid in crypto for taking part, isn't proving to be as successful as ChatGPT. A new report reveals that the startup is laying off workers as it struggles to convince regulators of its safety and prove it can generate a profit.
Business Insider reports that employees were informed of the cuts in an internal email from the HR team on Monday. The memo said the company was making changes to some roles and teams as part of a shift in strategy and operating priorities. Tools for Humanity is expected to explain more during a town hall meeting today.
The number of people affected has not been revealed. The company is believed to employ more than 500 workers, having raised hundreds of millions of dollars from backers including Andreessen Horowitz, Bain Capital Crypto, Khosla Ventures, and Blockchain Capital. PitchBook has valued the startup at around $2.5 billion.
