BlockBeats News, on February 27, Twitter founder Jack Dorsey responded to claims that “the number of Block employees increased from 3,900 in December 2019 to 12,500 in December 2022, and now the layoffs are even less than half of the initial ‘crazy expansion,’ which is less about artificial intelligence and more about poor management by Jack Dorsey.” He stated, “Yes, we did overhire during the pandemic because I mistakenly built two separate company structures (Square and Cash App) instead of integrating them into a unified structure. We have corrected this issue in mid-2024. But this overlooks the complexities we faced during this period—including launching lending, banking services, and ‘buy now, pay later’ operations, which brought operational and compliance challenges.”
Our current goal is to achieve over $2 million in gross profit per employee, which is four times the pre-pandemic efficiency. From 2019 to 2024, our per capita gross profit has remained around $500,000. We have been, and still are, running an efficient company with performance better than most peers."
Earlier reports indicated that Twitter founder Jack Dorsey’s Bitcoin payment company Block is cutting 4,000 employees, nearly half of its workforce. The company is betting on artificial intelligence to change future labor productivity. Following the layoffs, Block’s stock price surged 22% after hours.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC Waits for Liquidity as STH Cluster Thins at $60K-$70K
_Glassnode flags a thin short-term holder supply cluster between $60K and $70K, calling the setup constructive in form but not yet in magnitude._
Bitcoin is sitting at a critical cost basis boundary. On-chain data from Glassnode puts it right at the lower edge of where most new buyers entered the m
LiveBTCNews14m ago
Here’s What Happened the Last Time Bitcoin Price Had 6 “Red” Months in a Row
Bitcoin is about to do something it’s only done once before. Close its sixth consecutive month in the red. That’s not a typo. Six months. Straight. Red. The BTC price has been bleeding since October, and the monthly candles don’t lie. This has happened only one other time in Bitcoin’s entire hi
CaptainAltcoin29m ago
Strategy may have paused bitcoin accumulation last week, ending a thirteen week buying streak
Strategy (MSTR) did not increase its bitcoin holdings last week, breaking a streak of 13 consecutive weekly purchases. Executive Chairman Michael Saylor instead focused on a different offering, with MSTR holding 762,099 BTC at an average price of $75,694 each.
CoinDesk1h ago
Crypto News: Bitcoin Declines As Pentagon Plots Final Blow on Iran, DeepSnitch AI’s Live AI Tools...
Following reports that the United States is preparing a stronger military operation for a final strike against Iran, Bitcoin plummeted, falling to $66,000. The report further stated that the planned attack will only be carried out if the ongoing peace talks fall through
Amid this development,
BlockChainReporter1h ago
