Dropbox to lay off 500

Dropbox is laying off around 500 employees.

That amounts to roughly 16% of the company's workforce.

“In an ideal world, we’d simply shift people from one team to another. And we’ve done that wherever possible," CEO Drew Houston said in a memo to employees. "However, our next stage of growth requires a different mix of skill sets, particularly in AI and early-stage product development."

Read more from The Verge.