If Block is really so much more efficient, while doing well, they should invest that talent into expanded products and services. But that’s not what we’re seeing.
Some things:
- They acquired AfterPay for $29bn. Their market cap today, after the big AI bump, is $40bn. BNPL did not pay off the way payments companies thought it would.
- They have a weird internal combination of Cash and Square and AfterPay internally. They’re not as unified as they ought to be.
This feels more like Jack coming to terms with a company that’s hugely inefficient organizationally. It’s easier to clear out thousands of people and rebuild.
If Block is really so much more efficient, while doing well, they should invest that talent into expanded products and services. But that’s not what we’re seeing.
Some things:
- They acquired AfterPay for $29bn. Their market cap today, after the big AI bump, is $40bn. BNPL did not pay off the way payments companies thought it would.
- They have a weird internal combination of Cash and Square and AfterPay internally. They’re not as unified as they ought to be.
This feels more like Jack coming to terms with a company that’s hugely inefficient organizationally. It’s easier to clear out thousands of people and rebuild.