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Are the layoffs at Jack Dorsey’s firm an anomaly or an indication of a broader disruption at the hands of AI?
Fintech company Block laid off 40% of its staff overnight, letting go of around 4,000 employees in a bid to slim down and flatten the owner of Cash App and Square.
Writing on X – which he helped found as Twitter in 2006 – CEO Jack Dorsey said, “we’re not making this decision because we’re in trouble” but because “something has changed.”
That something is AI, specifically “that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company, and that’s accelerating rapidly,” he wrote.
