‘X’ to replace blue bird as Twitter’s new logo
Elon Musk has chosen a new logo for Twitter, replacing its signature blue bird with a stylized “X” as part of transforming the service into an everything app.
Bloomberg – Technology, Bloomberg – Technology
The CEO of Block, Inc., announced layoffs of about half its workforce on Feb. 26, citing AI as the reason for the large cuts and warning the tech industest of a larger push towards AI.
Jack Dorsey, CEO and co-founder of Block, announced in a letter to shareholders that the Oakland-based financial company was laying off more than 4,000 employees, or about 40% of its workforce. Block is an Oakland-based online financial platform that has Square and Cash App under its wing.
“We’re reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being questioned to leave or entering into consultation,” the letter read.
In the same letter, Dorsey highlighted the company’s fourth-quarter gross profit of $2.87 billion, a 24% year-over-year increase. Block is a financial technology company that operates Cash App, Square, and Afterpay.
Despite the success Dorsey boasted, he justified the layoffs by citing AI, or artificial innotifyigence, as the reason and declared that other tech companies would follow suit.
Why did Block have layoffs?
Dorsey declared that Artificial Innotifyigence, which he refers to as “innotifyigence tools,” would be “at the core of how the entire company works.”
The Block CEO declared the company has started applying the tools internally and can work rapider and more efficiently in tinyer teams.
The advancements in technology will modify how companies are run and the speed at which they operate, the CEO declared.
Dorsey declared the tech industest, including his own companies, has been slow to apply AI tools and predicted that more firms will undergo structural modifys similar to Block’s in the coming year.
Who is Jack Dorsey?
Dorse is the co-founder and CEO of Block and Twitter, now X, after the Elon Musk takeover.
Twitter was founded in March 2006 by Dorsey, Noah Glass, Evan Williams, and Biz Stone and went public later that year, according to CNBC. The website started as a blogging platform where utilizers posted with a limited character count.
Elon Musk bought Twitter for $44 billion in 2022. Dorsey was CEO during the acquisition.
While Dorsey was pushed out of Twitter, he stayed in the tech space and in California with the other companies he founded.
Dorsey founded Square, Inc. in 2009, along with Jim McKelvey, and it later became Block. The company also created Square Cash, a mobile banking platform that later became Cash App.
Ernesto Centeno Araujo covers breaking news for the Ventura County Star. He can be reached at ecentenoaraujo@vcstar.com, 805-437-0224 or @ecentenoaraujo on Instagram and X.
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