Some interesting and perhaps scary breaking news out of $XYZ (Block Inc.) ⚠️
Jack Dorsey has just sauid they're going to cut 40% of their 10,000 employees and the stock is up 25% after hours 😦
His full post is here: https://x.com/jack/status/2027129697092731343
He said: "we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving.
but something has changed. we're already seeing 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."
The implications, re AI, are pretty obvious and this could (imo almost definitnitely will) be the first big cut of many to come throughout 2026/27 and who knows for how long...
Can't think of another software company that size that's cut 40% of its workforce at once.
Particularly grim given how much the market seems to be rewarding shareholders of Block for doing this, won't exactly deter other companies from doing the same but will enough new businesses be created to pick up the slack?
What do you think? 👇👇👇
$BTC$ETH$NSDQ100$SPX500... Show More
Apologies for the following ramblings but overdid the coffee this morning so all fired up ! perhaps some of it makes sense.... buckle up we may experience some turbulence in the next decade...
It is just the start of the AI revolution and breaking of the current global models for economics, employment,... Show More
Totally agree... we certainly live in "interesting times" as the old Chinese curse used to say !!... Show More
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