Block, the company behind Square, Cash App and Afterpay, is cutting its staff by 40%. The reason: “intelligence tools,” according to a letter to shareholders by co-founder Jack Dorsey.
It’s fun to bash the Stupid CEO Founder because (s)he thinks AI will cut down work and bla bla. Fact is, I was shocked when I read in the article that Block employed 10,000 people. I don’t know how many of them are developers, but considering the job cuts were blamed on too many engineers, I assume a lot.
Even at 6,000 people, the company is still chunky for its offering. They seem to have just hired everyone with a pulse after COVID, held on to them because they didn’t want to be the only ones that reduced headcount, and are now hitting the brakes.
Sadly, Dorsey is right: the Big Ugly Bill’s tax provisions incentivize companies to lay off as many people as possible, since they can keep the profits mostly tax free. They also know the Midterms situation is shaky for them, and while the Democrats won’t have the numbers to change tax law against a certain presidential veto, they also won’t pass more tax cuts for the super-wealthy.
It’s fun to bash the Stupid CEO Founder because (s)he thinks AI will cut down work and bla bla. Fact is, I was shocked when I read in the article that Block employed 10,000 people. I don’t know how many of them are developers, but considering the job cuts were blamed on too many engineers, I assume a lot.
Even at 6,000 people, the company is still chunky for its offering. They seem to have just hired everyone with a pulse after COVID, held on to them because they didn’t want to be the only ones that reduced headcount, and are now hitting the brakes.
Sadly, Dorsey is right: the Big Ugly Bill’s tax provisions incentivize companies to lay off as many people as possible, since they can keep the profits mostly tax free. They also know the Midterms situation is shaky for them, and while the Democrats won’t have the numbers to change tax law against a certain presidential veto, they also won’t pass more tax cuts for the super-wealthy.
Yeah, I was surprised they employed so many people.