Jack Dorsey Addresses Overstaffing Issues During Pandemic

Jack Dorsey, former Twitter founder, responded on the X platform to community concerns about Block's layoffs being attributed to over-hiring and mismanagement during the COVID-19 pandemic. According to Odaily, Dorsey acknowledged that the company mistakenly established two separate structures, Square and Cash App, leading to excessive hiring. This issue was corrected by mid-2024. However, he noted that this did not address the complexities in lending, banking, and BNPL services. The current goal is to achieve over $2 million in gross profit per employee, quadrupling pre-pandemic efficiency, which was around $500,000 from 2019 to 2024. Dorsey emphasized that the company operates more efficiently than most.