Reports reveal that Jack Dorsey’s September 2025 in-person company event cost a staggering $68.1 million, roughly equivalent to the annual payroll for 200 employees, only to be followed five months later by layoffs slashing 40% of Block’s workforce.

The sequence of events draws criticism, sparking a broader conversation about AI, corporate culture, and fiscal responsibility. The Twitter co-founder turned Block CEO remains in the headlines over corporate strategy in Silicon Valley.

Block’s $68 Million Party, 4,000 Layoffs, and the AI Excuse: Did Jack Dorsey Just Redraw Silicon Valley’s Playbook?

According to Dorsey, the choice was between a gradual reduction that could undermine morale and a decisive, single cut that would position Block to grow “on our own terms.”

He framed the layoffs as a forward-looking pivot toward AI and agentic workflows, claiming in a company-wide note: “100 people + AI = 1,000 people.” According to the Twitter co-founder, intelligence tools paired with smaller, flatter teams enable a new, accelerated model of operations.

Wall Street responded with immediate approval, with Block’s XYZ stock surging 20–23% within an hour, adding approximately $6 billion in market capitalization. This translates to roughly $1.5 million in enterprise value per eliminated role.

Block’s $68 Million Party Draws Criticism

Meanwhile, Jack Dorsey has sparked outrage and debate with a spectacle that many critics say redefines corporate norms.

In September 2025, the former Twitter CEO reportedly spent $68.1 million on a Block in-person event, an amount roughly equal to the annual payroll of 200 employees.

The three-day festival in downtown Oakland featured performances by Jay-Z, Anderson .Paak, T-Pain, and Soulja Boy, and brought 8,000 employees from around the globe.

The party, recorded in Block’s own earnings as a $68.1 million increase in general and administrative expenses, has drawn widespread criticism.

Social media users described it as “psycho” and “crazy,” with some pointing to the stark contrast between celebration and accountability, particularly in light of the layoffs that followed.

To some, the spectacle of the $68 million party followed by mass layoffs sends a troubling message about priorities and managerial judgment.

It highlights the dangers of pandemic-era overexpansion and executive indulgence, with some critics arguing that the layoffs were a correction of years of overhiring and mismanagement.

“Yes, we over-hired during COVID because I incorrectly built 2 separate company structures (Square & Cash App) rather than 1, which we corrected mid-2024. But this misses all the complexity we took on through lending, banking, and BNPL. And that we’re now targeting $2M+ gross profit per person, 4x our pre-COVID efficiency, which stayed flat at ~$500k from 2019 until 2024. We have and do run an efficient company… better than most,” Dorsey responded.

Meanwhile, others see the layoffs as AI-washing, a convenient cover for structural inefficiencies.

“Sam Altman previously stated that ‘some firms are attributing job cuts to AI, when in reality, those layoffs were already planned or would have occurred regardless.’ He describes this, along with other exaggerations of AI capabilities, as “AI washing”… a tactic aimed at masking business issues. Just saying,” noted Graham Stephan.

Notwithstanding, Coinbase’s first CTO, Balaji Srinivasan, suggests that it signals a broader shift in tech toward AI-driven productivity and smaller teams.

Block’s severance packages, including 20 weeks’ pay, six months of healthcare, equity, and $5,000 in transition support, were generous by tech standards.

Trescon marks 10 years, delivering 500+ government-backed events and scaling from Bengaluru to Dubai-led MEASA expansion.

Trescon, a business events company, has marked its 10-year anniversary as a provider of government-backed business platforms in the Middle East and North Africa region, the company announced.

The company was founded in Bengaluru in 2016 by Mohammed Saleem, Mithun Shetty and Swarnavo Roy, according to company records. Trescon established its UAE office in 2021, designating Dubai as its regional headquarters.

The firm currently manages four events within Dubai Future Finance Week, organized by the Dubai International Financial Centre (DIFC): Dubai FinTech Summit, Future Sustainability Forum, Future Islamic Finance Forum, and Reg3 Forum, according to the company.

The Dubai FinTech Summit has grown to more than 9,000 participants, according to event data. Trescon has also provided services for government initiatives including the World Police Summit organized by Dubai Police and Dubai Future Forum organized by Dubai Future Foundation.

Over the past decade, the company has delivered more than 500 events globally across 10-plus countries, attracted over 250,000 attendees, generated more than 1 million business connections, and engaged over 3,500 investors, according to company figures.

The company’s leadership team includes Madhukar Dudda, Ummer Shameem, Sanjiv Singh, Anil Kumar, Edward Maben, Christine Davidson, Vimal Bhat and Naveen Bharadwaj, who oversee more than 250 professionals across international offices, according to the company.

“With government-entrusted flagship platforms, delivery must be flawless. At this level, the organiser’s credibility and the government’s reputation are inseparable,” Mohammed Saleem stated.

The company has expanded operations to Riyadh and is pursuing growth in Saudi Arabia, Indonesia, Malaysia, and African markets including Mauritius, according to the announcement. Trescon is developing platforms focused on artificial intelligence, cybersecurity, STEM and deeptech sectors.

“As we enter our second decade, we are scaling that framework across high-growth economies aligned with future technologies, sustainability and capacity building,” Naveen Bharadwaj stated.

Trescon operates with six business divisions across seven global offices. The company’s portfolio includes managed events under Dubai Future Finance Week, alongside event brands including World AI Show, HODL, DATE, CARE for Sustainability and the World FinTech Show, according to company information.

The company focuses on mid-to-large scale leadership platforms, typically hosting 3,000 to 10,000 senior stakeholders, according to its business model description.

MARA Holdings (MARA) reported a fourth quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the same period a year earlier. 

Its shareholder letter filed with the US Securities and Exchange Commission (SEC) said revenue in Q4 fell 6% to $202.3 million from $214.4 million in Q4 of 2024, as a lower average Bitcoin (BTC) price outweighed the impact of a higher hashrate. 

For the full year 2025, Marathon booked a net loss of $1.31 billion, compared with net income of $541 million in 2024, even though its revenue rose to $907.1 million from $656.4 million a year earlier.

​The company said that its Q4 net income was hit by a $1.50 billion negative change in the fair value of digital assets and digital assets receivable, reflecting the decline in Bitcoin’s price from around $114,300 on Sept. 30 to roughly $88,800 on Dec. 31, according to data from CoinGecko.

The company’s share price also took a beating, with MARA stock down 46% in the past six months.

On the production side, Marathon said that it mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the prior quarter and 2,492 BTC in the year-earlier period, and 8,799 BTC for the full year, compared with 9,430 BTC in 2024. 

Related: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express

The company said that it ended 2025 holding 53,822 BTC, including 15,315 BTC loaned or pledged as collateral, with its balance sheet BTC valued at about $4.7 billion at a quarter‑end spot price of $87,498 per coin.

​Marathon’s AI and high‑performance compute push

Alongside the numbers, Marathon used its Q4 shareholder letter to outline a multi‑year shift “from a pure‑play Bitcoin miner into an energy and digital infrastructure company,” announcing a strategic joint venture with Starwood Digital Ventures to develop artificial intelligence (AI) and high‑performance compute (HPC) data centers at its power‑rich sites.

Marathon said that the Starwood partnership was designed to support more than 1 gigawatt of IT capacity in its initial phase, with a roadmap that could extend above 2.5 gigawatts over time, and giving Marathon the option to invest up to 50% in individual projects while continuing to mine where power remains attractive.

​The company also highlighted its acquisition of a 64% stake in Exaion in February to target “sovereign‑grade” and enterprise AI deployments.

​Miners diverge on strategy as drawdown bites

Marathon’s hybrid approach comes as other major miners continue to experiment with different playbooks in response to the latest Bitcoin drawdown. 

Hut 8 reported a fourth‑quarter net loss of $279.7 million on Wednesday, as it leans into a $7 billion AI data center lease, while Trump‑backed American Bitcoin reported a $59.5 million Q4 2025 loss on Thursday, yet continues to double down on its mine-and-hoard BTC model.

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