The CEO of Intel prompted blended reactions for posting a verse from Proverbs on Sunday after asserting that greater than 15% of the tech firm’s workforce might be laid off amid its plummeting share value.
“Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways,” Pat Gelsinger posted to X, quoting Proverbs 4:25-26.
Gelsinger drew criticism from some X customers who mocked him for “praying” and accused him of “resorting to religion to save the company.”
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“Have you even asked yourself how bad it really is?” one consumer requested. “It’s ‘Intel CEO is quoting the bible’ levels of bad.”
Although his most up-to-date biblical tweet drew specific consideration amid the turmoil at Intel and out there typically, Gelsinger has routinely used his X account to publish his favourite verses each week.
Gelsinger, who first labored at Intel when he was 18 and has served as CEO since 2021, is an outspoken Christian. When he was CEO of VMWare in 2013, he co-founded Reworking the Bay with Christ, a nonprofit group that works to jumpstart a Jesus motion within the San Francisco Bay Space to result in a non secular and societal transformation.
Gelsinger’s publish got here days after he introduced in a be aware to workers final week that the chipmaking firm could be chopping about 17,000 of its 116,500 employees as a part of a $10 billion cost-reduction plan, based on FOX Enterprise.
“This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” Gelsinger stated. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate.”
“Our costs are too high, our margins are too low,” he continued. “We need bolder actions to address both — particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected.”
“These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career. My pledge to you is that we will prioritize a culture of honesty, transparency and respect in the weeks and months to come,” he added.
Intel’s inventory value cratered 26% within the wake of Gelsinger’s announcement, marking its worst day in 50 years and second-worst ever, based on CNBC. In July 1974, the corporate noticed a 31% drop simply three years after its preliminary IPO.
Intel’s choice to chop jobs comes regardless of an inflow of roughly $8.5 billion in grants from the federal authorities supposed to reinvigorate chipmaking in america, FOX Enterprise reported.
The seven most-valuable tech corporations in america hemorrhaged a mixed $1 trillion in market worth when buying and selling started Monday, dragging the Nasdaq down greater than 3%, based on CNBC.
Jon Brown is a reporter for The Christian Publish. Ship information tricks to [email protected]
“Well bless their hearts.”
