Shares in the payment company soared more than 25 percent in after-hours trading on Thursday as it announced it would shed more than 4,000 jobs from its 10,000-strong workforce.
“Intelligence tools have changed what it means to build and run a company. We’re already seeing it internally,” Dorsey wrote in a letter to shareholders.
“A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week.”
Dorsey, who left his role as CEO of Twitter in 2021, is among the first Silicon Valley chiefs to explicitly tie huge job cuts to the ability of AI to replace human workers.
He over hired during Covid, like every other tech company. AI is just an easy scapegoat to use to fire people now. Block still has more employees than pre-COVID after this cutting of 40% of the workforce.
Dorsey also has a history of over hiring. Twitter losing over half its employees when musk fired them and it not missing a beat is evidence of that.
Oh, we’re rewriting history, now? 😂🤣 Twitter went down more in the 6 months after acquisition than the rest of its history combined.
To be clear, Muskrat blew holes in the hull of a sinking ship when he took over, but they absolutely had too many people.
No it didn’t lol.