"Repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. I'd rather get there honestly and on our own terms than be forced into it reactively."
"In November 2022, Musk slashed roughly 50% of Twitter's staff in a single stroke after taking the company private, a move that rattled many in Silicon Valley and rewrote the unofficial rules for how far a CEO could go in one shot."
Jack Dorsey announced that Block, his payments company operating Square, Cash App, and Tidal, is eliminating over 4,000 jobs, reducing its workforce from 10,000 to 6,000 employees. This follows Elon Musk's November 2022 decision to cut roughly 50% of Twitter's staff after taking the company private. Dorsey, who holds a 2.4% stake in what became X, framed the cuts as proactive rather than reactive, arguing that repeated layoff rounds damage morale and trust. He predicted most companies will eventually make similar cuts and preferred to do so on his own terms. Investors responded positively, pushing Block's stock up over 24% in after-hours trading.
Read at TechCrunch
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