Monday.com Cuts 600 Jobs Citing AI — 140,000 US Tech Workers Laid Off in 2026 Alone
The FT found that companies blaming AI for layoffs underperformed the Nasdaq by nearly 10% in the 30 days after their announcements.
On July 22, Tel Aviv-based Monday.com filed with the SEC, announcing it would lay off about 600 employees — 20% of its workforce. The company said the cuts were part of a "restructuring plan" tied to its "ongoing transformation" in support of an "AI-driven growth strategy."
Co-founder Eran Zinman wrote in a LinkedIn memo that the move "was not made to reduce costs or replace people with AI." Still, the company expects $45 million to $55 million in restructuring charges — while projecting 20% year-over-year revenue growth for 2026.
Monday.com is just the latest. According to a Financial Times analysis, U.S. tech companies have slashed nearly 140,000 jobs so far in 2026. Amazon, Oracle, Meta, and Microsoft alone account for almost 50,000. Oracle's annual filing stated plainly: "The adoption and deployment of AI technologies across our operations have resulted, and may continue to result, in reductions to our workforce." Cloudflare's CEO went further — he called the 1,100 people his company laid off "measurers": middle management, finance, legal, audit. "AI made those roles obsolete," he said.
The FT also found something telling: companies citing AI as a reason for layoffs underperformed the Nasdaq by nearly 10% in the 30 trading days after their announcements. The market doesn't seem to believe the story they're telling.
Source: TechCrunch, "Monday.com is the latest tech company to blame AI for layoffs — here are 20 others" (July 25, 2026)
BenPig counted one hundred and forty thousand empty chairs.