Balaji Srinivasan Says Block Firings Will Send 'Shockwaves,' Angel Investor Says Jack Dorsey Is Signalling Everyone — xAI Makes Moves On Talent

On Thursday, Elon Musk's xAI began recruiting shortly after Block Inc. (NYSE:XYZ) announced it would cut nearly half its workforce in a sweeping efficiency push tied to artificial intelligence.Block Cuts 4,000 Jobs In AI Efficiency OverhaulBlock said it is reducing headcount from more than 10,000 employees to just under 6,000, eliminating over 4,000 roles as part of what CEO Jack Dorsey described as a difficult but necessary restructuring."Today we shared a difficult decision with our team," Dorsey wrote in a letter to shareholders.The company said affected employees will receive 20 weeks of pay, six months of health coverage and vested equity.Investors Call It A Turning Point For AI And Tech JobsFollowing the announcement, Gene Munster, managing partner at Deepwater Asset Management, said the move underscores how quickly AI is reshaping corporate strategy."AI's impact just hit a new gear," Munster said, adding that the industry remains early in the transition. "We're in the second inning."AI's impact just hit a new gear. Block ($XYZ) is cutting 40% of ...Full story available on Benzinga.com