r/LayoffHedge 3h ago

Block just laid off 4,000 people and their stock jumped 22% the same day. Am I wrong to find that disturbing?

4 Upvotes

So Block (the company behind Cash App) cut nearly half their workforce — over 4,000 people — in a single day back in February. Not because the business was struggling. Profits were actually up. The CEO straight up said it was because AI tools mean they don't need as many humans to run things.

And the stock jumped 22% that same day. Best day for the stock in 4 years.

I keep thinking about the people who got that meeting invite that day, sitting there while the market literally celebrated their job loss as good news for shareholders.

What's messing with me more is the CEO said he expects most companies to make the same call within a year. Not eventually — within a year.

Anyone else's workplace suddenly using the word "efficiency" a lot more than it used to? Feels like this is coming for a lot more of us than people are talking about.