“#Atlassian’s stock has been among the hardest hit by the “#SaaSpocalypse”, a term coined to describe the #SellOff of software-as-a-service companies seen to be most threatened by #AI. In #Australia, it has been dubbed a “#SaaSaccre”.

#USA listed Atlassian is the worst performer of the #Nasdaq100 this year, losing more than half of its value since the start of January. The company, which trades under the ticker #TEAM, commanded a market capitalisation of $116bn five years ago but is now worth $20bn.”

If Atlassian made its fortune on worker collaboration, the AI #WhiteCollar movement will reduce people working and solve the “communication problem” between individuals.

Less workers, less #communication. Atlassian has a double whammy hit to its #business.

#ZeroHourWork / #work / #software <https://archive.md/CztkH> / <https://www.ft.com/content/206df66d-09ac-46b6-a3c6-a25aaf07eb8a?syn-25a6b1a6=1> (paywall)