Billionaire Jack Dorsey cut first and explained later.

In February, Block, the financial technology company behind Square and Cash App, said it would lay off more than 4,000 people, about 40% of its workforce. Investors loved it. Shares jumped as much as 24% in extended trading. The payments company, which had $24 billion in revenue in 2025, said smaller teams and more artificial intelligence would help it move faster.

On Tuesday, Dorsey explained what he thinks those smaller teams may actually look like. In a blog post coauthored with former Sequoia managing partner Roelof Botha, he argued that AI could do much of what middle managers do today. Sequoia, with more than $50 billion of assets under management, is one of Silicon Valley’s most important venture capital firms. It backed companies like Google, Apple, Nvidia........

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