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Layoffs at Block

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Re: Layoffs at Block

#751

Post by Havoc »

sealeck wrote: post #232
Havoc wrote: post #139

Took a quick look at their financials... I reckon this move is related to bitcoin doing poorly. A LOT of their revenue is bitcoin related and I reckon they realized they're going to have an absolute stinker of a Q1 '26 result...

> I reckon this move is related to bitcoin doing poorly. A LOT of their revenue is bitcoin related and I reckon they realized they're going to have an absolute stinker of a Q1 '26 result... I had to look this up - in the last 12 months total revenue was ~24 billion of which ~8.5 billion was from the Bitcoin "ecosystem"! Truly bizzare to stake your company on this... https://d18rn0p25nwr6d.cloudfront.net/CIK-000151267…

Yes though there is a corresponding cost line as well so that’s not 8.5 in profit. Sounds like they’re buying and selling coins effectively

Re: Layoffs at Block

#752

Post by egorfine »

daxfohl wrote: post #48

We'll see how much the AI aspect is true by whether they're thinning out teams equally, or just axing whole initiatives. My impression of Block was that it was mostly a one-trick pony (okay, two if you include CashApp) with a bunch of side initiatives that never seemed to pan out, so I'm expecting it to be more of the latter, with this being more of an admission that they're now in "maintenance mode". Either way, I t…

> how much the AI aspect is true

You should try to seriously vibe code and see for yourself.

It really helped me overcome my anxiety that programmers will be out of job soon.

Ah, and yes, you absolutely should repeat that exercise with every new model to reinforce your confidence.

Re: Layoffs at Block

#753

Post by lotsofpulp »

alephnerd wrote: post #306
tombert wrote: post #270

Earlier quoted context omitted.

I'm convinced that these "AI Layoffs" are these companies trying to save face from the absurd overhiring that they did in 2022 and 2023 because apparently they thought that these no-interest loans/free money would just last forever. No one really "knows" how to grow businesses so the easiest way to spend a lot of money quickly is hiring lots of people, whether or not they are "necessary". Then this free money dries u…

> I'm convinced that these "AI Layoffs" are these companies trying to save face from the absurd overhiring that they did in 2022 and 2023 because apparently they thought that these no-interest loans/free money would just last forever. Partially. The first nail in the coffin was the change in assumptions around output. Before 2023, there was an assumption that more bodies means more output. After the massive X/Twitter…

> 1. Move to a Tier 1 tech hub like the Bay and NYC. If you get laid off, you will probably find another job in a couple of weeks due to the density of employers.

> 5. Live lean, save for a rainy day, and keep your family and friends close. If you're not in a financial position to say "f##k you" you will get f##ked, and strong relationships help you build the support system you need for independence.

All you have to do is move you and your family to the most expensive places in the world. But also live lean and save for a rainy day.

Re: Layoffs at Block

#754

Post by FpUser »

daxfohl wrote: post #48

We'll see how much the AI aspect is true by whether they're thinning out teams equally, or just axing whole initiatives. My impression of Block was that it was mostly a one-trick pony (okay, two if you include CashApp) with a bunch of side initiatives that never seemed to pan out, so I'm expecting it to be more of the latter, with this being more of an admission that they're now in "maintenance mode". Either way, I t…

>"(40%? come on)"

I think this is entirely possible. I have cases right in front of me when one developer can do a job of 2 and still have some time to spare. The developers in question are very senior, architect type.

Re: Layoffs at Block

#755

Post by beernet »

> They'll overlook the fact that the work AI tools provide only encompasses 10% of your job even if they're 100% efficient.

Time will tell. As of today, there are strong indications this statement stands on weak knees. Copium is a term I recently heard in that context, and it fits.

Re: Layoffs at Block

#756

Post by weird-eye-issue »

danpalmer wrote: post #353
senko wrote: post #254

This is one of the best (if not the best) layoff letters I've seen online (no affiliation, don't know anyone working there, purely outsider perspective). * Severance packages upfront because realistically that's what everyone worries about first. * Reasoning second. I appreciate the one clean cut vs prolonged bleeding. * Owning the decision and respecting the people that got you there. Opting for an awkward allhands…

> I appreciate the one clean cut vs prolonged bleeding. That's a false dichotomy, you could reduce headcount via attrition which is better in some ways. There's also no reasoning on product impact. Is the strategy to cut products that aren't making money? Is the strategy to cut 40% across everyone because everyone can go faster? > Owning the decision Does it? It came across to me as an inevitability of AI, not "we ov…

> prolonged bleeding.

> That's a false dichotomy, you could reduce headcount via attrition which is better in some ways.

That's the same thing. And they can't control which roles are lost. It's the worst thing for the company itself and those remaining.

Re: Layoffs at Block

#757

Post by raincole »

taurath wrote: post #545

This reminds me of the meme of Margaret Thatcher: "And There is No Alternative" - a way to justify the policies she desired to implement and attempt to preempt any other view. We're supposed to believe Jack is a victim of circumstance. He hired all those people, and now he has no choice but to fire them - he wasn't clairvoyant to the future when he hired all those people, or else he'd known he would have had to fire…

> since he is clairvoyant to the future

AI software development is the present, not the future. You don't need to be a clairvoyant to see AI replaced (some) developers.

Re: Layoffs at Block

#758

Post by zkhrv »

tombert wrote: post #387
vedaba wrote: post #309

Earlier quoted context omitted.

Blink once if the bank rhymed with face

Not that one. I think there's MORe to GAiN from STAyiNg away from this deLicatE storY. Sorry my keyboard acted up and I can't seem to delete that sentence.

I like your style :)

Re: Layoffs at Block

#759

Post by noname120 »

coffeebeqn wrote: post #624
pants2 wrote: post #400

Earlier quoted context omitted.

1) This is by any source I can find, incorrect. Twitter had ~8,000 employees when Musk bought it. After layoffs that was trimmed to a low of around 1,500 employees (19%), and today it has around 2,800 employees. Also worth mentioning that a lot of Twitter's products are built on X.ai which has 1,200 core employees on Grok with 3,000+ on the Datacenter build-out side.

Also if you put a product in maintenance mode you can easily get away with a fraction of your devs. Most people are at all times working on some definition of something new

X is the exact opposite of in “maintenance mode” by any counts

Re: Layoffs at Block

#760

Post by NKosmatos »

christoff12 wrote: post #265
christoff12 wrote: post #211

"we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation." holy moly

I wanted to come back to this to add that it's highly disrespectful to make a post/write a letter laying off 40% of your company and not bother to capitalize words properly. Might be a small thing (no pun intended), but it irks me.

I totally agree. In this strange era we're all in, it seems that not using proper capitalization is a sign of "importance". Other high ranking people/CEOs/technologists don't use the correct rules, especially for important announcements like laying off 4000 people. O tempora, o mores!
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