24% growth meaning that more people are borrowing money, sending money, spending money. More people are using these applications than ever before. And you know what the interesting part about it is is that none of y’all even be knowing who owns the majority of the shares of these companies that y’all continue to embrace yet y’all say that y’all woke. None of y’all know any of these companies whatsoever or none of y’all knew that the person that is running slash owns or owns the majority of shares and these companies are super liberals like Jack Dorsey that has a nose ring almost like a bull ring in his nose like all of the liberals and all of the ladies.

And so y’all sit here and y’all talk about what y’all gonna do and what y’all gonna boycott and y’all don’t even know that some of the people that own some of the biggest companies in the year-over-year growth are people like Jack Dorsey. Let’s continue. As part of Block’s quarterly earnings report said the company would cut more than 4,000 employees reducing the company’s workforce by nearly half. Dorsey explained that intelligence tools have changed what it means to build and run a company. He asserted that with the company’s internal tools a smaller team is now able to quote do more and do it better end quote noting that the capabilities of these quote intelligence tools are compounding faster every week.

Dorsey said he believed companies that have yet to reduce their head count as AI increases workforce efficiency are quote-unquote late and that he believes a majority of companies will make similar structural changes. According to a November study from the Massachusetts Institute of Technology AI has the potential to replace 11.7 percent of the U.S. labor market. This displacement is estimated to impact approximately 1.2 trillion dollars in wages across three sectors finance healthcare and professional services. The rapid advancement of AI over the past year has generated widespread concern that it could soon replace jobs across many sectors.

These fears were amplified when anthropic announced earlier this month that its claw chatbot could automate tasks in areas like customer service finance and legal rattling global software stock. Let me say this about AI before we get into the block layoffs because I think that the whole blame AI is it does two things. First of all I don’t think that is true they are not laying off because of AI that is the biggest crock of bullshit that I’ve ever heard in my entire life. I called a couple of friends that still work in the industry that are high up in the industries and what they told me is that this is a play right and the play is the minute that you’re actually saying that you’re laying off because of AI the market will respond in a positive way because what it conveys over to people is that you’re creating more efficiencies and eliminating redundancy.

What does that mean? Now talk about it inside of the Patreon when I tell you all and I teach all the things that we look for when we’re looking to invest in a company. Redundancy is people doing the same task across multiple different industries. So for example let’s say recently one of the banks that I used to work at Comerica was taken over by Fifth Third right so let’s just say they merged but guess what both banks had their own infrastructure both banks had their own information and technology team. Now usually the company that takes over another company then basically is buying out its assets and its customer base and they’re leaving the majority of their management and majority of IT behind because they don’t need it they already got their own IT and so what they’re doing is they’re eliminating redundancy.

You don’t need two IT teams you merge it into one but the majority of the people that you lead because you already have the infrastructure and you think that yours is better than the one that you’re leaving behind but you’re just basically buying out their asset class right you’re buying out all the loans you’re out all of the wealth management you’re buying out everything within the bank all of the infrastructure all of the different you know the different branches and things like that but you don’t necessarily need the same team and this is how they often at times create value right they’re creating a bigger company with less redundancy less overhead more profits right you’re basically eliminating the waste and so what they’re doing by saying hey we’re doing this because of AI when in reality they’re just trying to create a more efficient company and they’re trying to let more people go because they really have more people than they need it and they hired too many people during the pandemic but instead of saying hey we’re just doing layoffs they’re saying we’re going to do it because of AI and to increase efficiencies which then gets rewarded inside of the stock market your share price go up because investors are saying oh man this company is moving with the times they’re embracing AI and they’re creating more efficiencies when in reality they already were implementing AI and AI does not allow for you to actually get rid of a whole bunch of people what it does is it allows for you to do more so anybody that is utilizing AI effectively knows that you don’t want to get rid of anybody you just want to give more people more things to do that’ll help you be more profitable or more efficient as a company actually having AI implemented into your organization creates more work not less but it’s also supposed to create more profits it’s just the facts thank you my girlfriend crimson i’m gonna read that shortly so when you see people again say stuff like oh my god we’re utilizing you were utilizing AI and that’s why we have to have layoffs that’s just corporate speak for we want to increase our our valuation and our stock price and it does not matter whether the company is super successful and super profitable or not they’re going to use that to reduce and and and and i’ll also do do one for you better all right i’ll do you one better also this is what people don’t understand all right you have to evolve with the times and most companies haven’t even figured out how to leverage or include AI in their workspaces if you are using AI for customer service or a chatbot i’m telling you that you are using it wrong because there’s nothing more hated and nothing more disgusting in my opinion is having to a either go through a bunch of phone prompts or b calling a customer service and hear their say okay let me look it up for you when you hear this you hear this sound on the thing i ain’t got no nip that aggravates me so bad that aggravates me so bad when i hear it do that fake typing sound and you call customer service and they say um and and would you like to and then you just keep saying representative representative okay well in order for me to write route you to the right person what is it that you’re looking for representative okay well in order for me to write you route you to the right person what is it that you’re looking for i have two accounts and i need to close one okay one second please that is the most aggravating sound i promise you i’ll be ready to hang up right then and then i’ll be ready to just pull whatever business that i got going on with you i’ll be ready to pull business that i got with you immediately when i hear that fake typing sound i said oh my god i can’t stand it i was adamantly against it when i was in corporate america it was asking us because you know i was a part of um um user experience and so they were saying yeah you know we could just do this in order to say i said listen some things ain’t worth saving money for don’t do that don’t do that don’t do it don’t do it don’t do it don’t do it first time i get on the phone every time i get on representative representative i just keep saying represent i’ll be so disappointed and so disgusted i’ll be so aggravated while some experts argue that ai will primarily complement and increase the efficiency of the workforce rather than eliminate jobs several companies have already reduced their staff because of the technology for instance clarna cut its workforce by 40 between december of 2022 and december 2024 as it accelerated its investment in ai for more on this story check out the article at the link emily mason joins us right now to talk a little bit more about jack dorsey’s project there’s been through a lot of fits and starts and now a company that is going to be leading around is that the idea tomorrow yeah or tonight jack is kind of an innovator and he really believes that he can run the business more efficiently for anybody that got to drop off i know it’s lunch time for some of y’all in some places i know in other places that y’all might be getting off of work a little early because you might be working a half a day or maybe you got to go pick up your school your kids from school make sure you subscribe make sure you tap into the patreon link is in the description and we got after hours tonight room nine about to be popping baby with fewer people by leaning on like ai tools and and just making them more efficient so they’ve invested in goose which is their internal tool and and they’re really planning on leaning on that a lot is there a sense here though when we talk about what this company is trying to be and i know there’s been a lot of speculation about its future whether there could be a petrol buyer whether it would be a buyer for something else here is there any way to connect the dots there i mean i think it’s hard to speculate on like you know paypal’s been the story this week i think it’s hard to say that they’re going to swoop in and buy i mean it’s it’s always hard to tell with these things um i think based on this it feels less likely but that’s kind of just me talking but does it seem like when you talk to management this is a proactive move because at least if you were i don’t know thwarting off an activist investor you can say well we cut our workforce by 40 percent so that buys us nine months to turn the company they’re really trying to communicate that this is coming from a place of strength like they’re trying to highlight that they had a strong 2025 they’ve kind of increased their lending initiatives they say that they’re growing profitably um or they’re growing their profitability and they really want to communicate that this is coming from a place of strength and and that’s kind of what’s going listen read this foolishness a decision at this scale carries risk but so does standing still we’ve done a full review to determine the roles and the people we require to reliably reliably grow the business from here and where we’ve pressure tested those decisions from multiple angles let me give you all another secret about these companies all right and then i want to move on to the next thing because i want to i want to get to the last thing that i wanted to talk about this he mon schampert and shannon sharp conversation about him saving half of his money when you get laid off or let’s say you go through the interview process and they say we picked another candidate if you go on these sites whether it’s linkedin and d so on and so forth they still have that same job up and they put up the same job and guess what these same companies are still hiring and they’re hiring their ass off they are just not hiring for your particular position companies that are successful and thriving always are still hiring even after you get laid off just telling you the truth they don’t need to reduce their workforce they need to reduce the jobs that they don’t want so that they can hire for the jobs that they do want go online they have plenty of jobs and sometimes when they lay you off before they lay you off they’ll tell you when they say hey you should apply or you can apply to these other jobs that we have but we’ll give you priority or we’ll help you through the navigation process of getting laid off at the end of the day it’s all business it’s all profitability it’s all about making that stock price pop and it’s all about running up a bag y’all gotta stop taking it personal and you gotta start looking at it from a business perspective yourself the minute that you start doing that is the minute that you thrive we’ll get to that later make sure you guys hit a like for the algorithm subscribe to the channel and turn on your notifications
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