COIN Stock Rises Over 4% in Pre-market Trading, Coinbase to Lay Off Approximately 14% of Employees

BlockBeats News, May 5th, according to Bitget market data, COIN pre-market trading surged over 4%, with the stock price currently at $211.09. On the news front, Coinbase CEO Brian Armstrong announced in an internal memo that Coinbase will reduce its workforce by about 14% to cope with market fluctuations and the organizational changes brought about by AI technology.

Armstrong stated that the current crypto market still experiences periodic fluctuations, and the company needs to proactively adjust its cost structure to maintain a lean and efficient operation during a downturn. At the same time, AI is significantly altering the way we work, enabling both technical and non-technical teams to substantially improve productivity through AI, driving the company towards a smaller-scale, high-efficiency operational model.