Sílvio Meireles Notes Yesterday, Jack Dorsey, CEO of Block, laid off 4,000 out of 10,000 people on his team.
That’s 40% of the workforce cut in a single move.
In a post on X, he stated that small teams powered by AI made the company so efficient that he chose to let go of that many people.
AI increases productivity by orders of magnitude. Because of this, it is very likely that companies like Block will cut even more in the near future.
Jack Dorsey was the first major CEO to make this decision so openly, but he will not be the last. He has opened a Pandora’s Box, and we will witness many mass layoffs in the coming years.
The job market is going to undergo a radical transformation. Companies will need fewer people to do more. That is simultaneously fascinating and frightening.
The question that remains is: what do we do with all this displaced workforce?
The future is small and efficient.