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Despite Jack Dorsey’s Block Announcement, an AI Job Doom Loop Isn’t Here Yet

Australian Financial Review

ENRICHED

Details

Date Published
1 Mar 2026
Priority Score
2
Australian
Yes
Created
1 Mar 2026, 09:45 am

Authors (1)

Description

The payment giant’s founder pledged humanity over cold efficiency when he fired almost half his staff. The market wants the opposite and that should terrify us.

Summary

Jack Dorsey's recent announcement about significant layoffs at Block aims to make the payments giant more efficient and intelligent. This decision underscores the tension between technological efficiency and humane employment practices. Although it reflects immediate job displacements, the article suggests that a broader AI-induced job 'doom loop' is not yet imminent. The coverage contributes to the discussion on AI's economic impact rather than existential or catastrophic risks, making it more relevant to workforce changes than global AI safety policy.

Body

MarketsEquity MarketsSharemarketPrint articleMar 1, 2026 – 12.00pmJack Dorsey delivered a bombshell on Friday. The founder of Block, which owns Australia’s Afterpay, told the company’s 10,000 staff that four-in-10 of them would be shown the door as part of plans to make the payments giant more efficient, more intelligent and presumably more profitable.“I know doing it this way might feel awkward,” Dorsey said in his 600-word missive. “I’d rather it feel awkward and human than efficient and cold.”Loading...Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.comSaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreSharemarketOpinionAIBlock Inc.Jack DorseyAtlassianMicrosoftElon MuskTwitterCitigroupOpenAIAnthropicWorkplaceAutomationFetching latest articles