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Jack Dorsey responds to the layoff of nearly 4,000 people due to AI: admits to having overhired in the past, with a future goal of over $2 million gross profit per person
In response to the community's statement that "the main reason for Block's layoffs is the over-hiring and mismanagement during the COVID-19 pandemic," former Twitter founder Jack Dorsey posted on the X platform, stating, "Yes, we over-hired due to mistakenly establishing two separate company structures (Square and Cash App) during the pandemic, but this issue has been corrected by mid-2024.
However, this does not cover all the complexities we face in lending, banking, and BNPL. Our current goal is to achieve a gross profit of over $2 million per person, reaching four times the efficiency of pre-pandemic levels, which has remained at about $500,000 from 2019 to 2024. In fact, we operate a more efficient company than most."
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