Oracle wipes out 30K payslips, market cheers: Netizens slam the new tech ‘efficiency playbook’

On Tuesday, Oracle Corp. began notifying thousands of employees worldwide that their jobs were being cut due to “current business needs.” Emails went out early in the morning, with some workers receiving notices as early as 6 am EST, and in many cases, their system access was immediately revoked.

Surprisingly, Oracle’s stock rose after the news. Reports showed gains of 2–6% during Tuesday trading, with some intraday jumps exceeding 5%.