Jack Dorsey Addresses Laying Off Nearly 4,000 Employees Due to AI: Admits Past Over-Hiring, Aims for Future Profit per Employee to Reach $2 Million

Odaily News According to community claims that "the main reasons for Block's layoffs were over-hiring during the COVID-19 pandemic and management incompetence," former Twitter founder Jack Dorsey responded in a post on platform X, stating, "Yes, we over-hired during the pandemic due to mistakenly building two separate company structures (Square and Cash App), but this issue was corrected by mid-2024. However, this does not cover the full complexity we undertook in lending, banking, and BNPL. Our current goal is over $2 million in gross profit per employee, achieving 4 times the efficiency compared to pre-pandemic levels, which had remained around $500,000 from 2019 to 2024. In fact, we operate a highly efficient company that outperforms most others."