Layoffs at Block
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Re: Layoffs at Block
#2What are the odds this is actually due to overhiring during the pandemic? From what I know, that was the principle reason for the Amazon layoffs. Would love to be corrected if I'm misremembering.
Re: Layoffs at Block
#3What are the odds this is actually due to overhiring during the pandemic? From what I know, that was the principle reason for the Amazon layoffs. Would love to be corrected if I'm misremembering.
People keep saying it’s pandemic over hiring, but it should be called ZIRP hiring. With the cost of money almost 4x what it used to be, companies have to deliver now, not just coast on promises of growth and success that may never materialize. Have to sing for that supper.
Re: Layoffs at Block
#4Does anyone know what teams are affected?
I wonder if this is the beginning of a new wave of layoffs across the industry like we had in 2022.
Re: Layoffs at Block
#5>we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.
This is one way of making an all-in bet on AI.
>we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold.
Well that's interesting, wonder if we'll actually get a proper accounting of which departments take which cuts.
Re: Layoffs at Block
#6What are the odds this is actually due to overhiring during the pandemic? From what I know, that was the principle reason for the Amazon layoffs. Would love to be corrected if I'm misremembering.
People keep saying it’s pandemic over hiring, but it should be called ZIRP hiring. With the cost of money almost 4x what it used to be, companies have to deliver now, not just coast on promises of growth and success that may never materialize. Have to sing for that supper. https://paulgraham.com/startuplessons.html
I miss those days. It may have been economically silly but there was so much optimism, especially in the tech world.
Re: Layoffs at Block
#7>we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build an…
Their shareholder meeting is later today. Maybe we'll find out.
Re: Layoffs at Block
#8Why make others misfortune a platform for ego expression? Why not doing things elegant, quiet, keep it in-house? Because misery of others drives stock prices up! It's a sacrifice he's willing to make.
Re: Layoffs at Block
#9[deleted]
Re: Layoffs at Block
#10> we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.
Once again, this is "AGI" in it's most direct and absolute version with zero fluff.
I unfortunately predicted more layoffs will occur back in 2025 [0] and I see only but acceleration on this.