Monday.com plans 20% layoffs citing an 'AI-driven growth strategy.' Read the co-CEO's note.

Monday.com plans to lay off 20% of its workforce as part of its 'AI-driven growth strategy,' according to a securities filing. The company's co-CEO emphasized the need for organizational changes to compete in the AI era, while noting the decision was not driven by cost-cutting or AI replacing workers. Monday.com's stock has declined sharply in the past year amid broader concerns about the 'SaaSpocalypse' in enterprise software.