Fintech company Block lays off 4,000 of its 10,000 staff, citing gains from AI

[genxlib]

5. I am suspicious of a 40% reduction at one time

It feels like this would take place more naturally as an erosion over an extended period of time.

More importantly, 4000 people are just SOL while Wall Street cheers.

Wall Street never seems to recognize the erosion of the customer base that goes along with something like this. Every company feels like they can get away with it but at the macro level this kind of reduction across the entire economy is going to harm everyone. Even Block who will have fewer transactions to process because there are fewer people out there with spending money.

But Wall Street parties like its 1999