eToro CEO talks Coinbase layoffs & AI's labor force impact

Leaders in finance, technology, and politics are gathered at the Milken Institute Global Conference this week to discuss the most pressing social and economic challenges.

eToro (ETOR) co-founder and CEO Yoni Assia sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss the impact of artificial intelligence (AI) on the labor force.

Video Transcript

00:00 Speaker A

Coinbase has come out today and and they're they're shrinking their workforce because of what's happening in crypto. Have you had that type of coinbase moment? Are you concerned you have to do something like that?

00:11 Speaker B

So, earlier this year, uh we had a a small relatively adjustment uh of workforce. I think it's really more about educating the workforce and working and with our eToroians, making sure that they actually have access to all of the tools. Uh, right? So we have Cursor and eToro.

00:41 Speaker B

signed recently with Groq. Uh, we signed recently with Cursor. We're signed recently with Anthropic. We are also a large open AI client, and a Gemini client, and a Microsoft Co-pilot, right? So there's a variety of tools.

00:58 Speaker B

And when you look at AI usage in eToro, it grew by more than a 1,000% in the last four months. Right? So AI was here, but there was an a significant inflection point around uh November with Opus four and a half, and then later on GPT 5 and a half and Groq 4.3. But that inflection point brought AI to really be

01:29 Speaker B

an amazing anything, an amazing lawyer, an amazing developer, an amazing QA, and like it can really do things that six months ago, it couldn't. And that inflection point when you look at people at eToro using AI,

01:45 Speaker B

just unlocked capabilities, again, that you couldn't imagine before. And that means that we need, all of us at eToro to make sure that we're utilizing AI, that we're utilizing as much as possible intelligence to grow eToro at a faster pace, to release more products. We launched the App Store and we released 40 new apps to the App Store. Those were created by AI, QAed by AI, uh uh deployed by AI, but all managed by a person who had the vision of what he wants to develop, right? So the speed of productivity and being able to launch more products to our customers is is growing at unprecedented pace.

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