Billionaire Elon Musk To Hire AI Researchers Despite Crypto Layoffs
- Elon Musk recently announced his interest to hire artificial intelligence (AI) researchers.
- Cryptocurrency market has been experiencing a slump recently.
Billionaire entrepreneur Elon Musk recently announced his interest to hire artificial intelligence (AI) researchers. Despite undertaking significant layoffs within the crypto-currency arm of his business recently
The move marks an interesting shift in focus for Musk, who is known for his innovations in the tech space. Musk’s new endeavor aims to explore the potential of AI technology, with a view towards finding ways to further develop and advance this cutting edge technology.
However, with plans to recruit from some of the world’s leading universities and research centers, it’s clear that Musk has high hopes for what this team can achieve. Cryptocurrency market has been experiencing a slump recently. Many of the major currencies are taking substantial losses.
Investors are feeling the pinch of the downturn, which compounded by a wave of layoffs in the industry, as companies struggle to remain profitable in such uncertain economic conditions.
The prolonged bearish sentiment has been further exacerbated by the lack of fundamental news to drive investor confidence and sentiment.
As a result, many crypto investors are finding themselves holding onto their holdings for longer than expected. As they wait for signs that the markets will soon recover.
Crypto Exchanges Experiences Layoff
Crypto.com experienced the highest number of layoffs among crypto exchanges. Additionally followed by Coinbase, Kraken, Gemini Trust Co, and lastly the Digital Currency Group.
Moreover, these layoffs were a result of the global economic crisis, which has had an especially devastating effect on the cryptocurrency market. Many exchanges have been forced to restructure their operations and reduce their workforce in order to remain financially stable during this difficult period.
