Oracle to spend 700M on layoffs
Oracle announced an increase of an additional $700 million in its workforce reduction plan, as part of its 2026 restructuring strategy, due to liquidity shortages linked to the development of AI data centers. The plan, approved in June, includes Chairman Larry Ellison selling 50 million shares of his stake, valued at approximately $8.75 billion in June, which has since declined by 16%. So far, the company has incurred around $2.1 billion in costs related to the layoffs, with total costs expected to reach $2.8 billion. These steps are part of the company's efforts to address financial challenges associated with expanding into AI and technology sectors.
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