Dropbox is cutting 500 jobs: Read CEO's email to employees

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US-based cloud storage company Dropbox is laying off around 500 employees. The number makes up about 16 percent of the company’s entire workforce. In a memo to employees, Dropbox CEO Drew Houston attributed the job cuts to a rocky economy. He, however, also said that the cuts will allow the company to build out its AI division. Affected employees will be able to receive a minimum of 16 weeks of pay, up to six months of healthcare, and the ability to keep company devices for personal use. They’ll also receive career coaching and job placement support. Here's the memo sent by CEO Drew to the staff.

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