Jobs

Block didn't get to 10,000 people because of AI. It got there because of the same liquidity that inflated everything else—the Fed and Congress pumping trillions during COVID. The 40% cut is unwinding that bloat.

When the Fed and Congress pumped trillions into the economy during COVID, tech companies went on a hiring spree. Here's how headcount at 23 major tech companies changed from 2019 to their peaks in 2021 or 2022—and why the layoffs since are the unwinding.

Where did the COVID hiring bloat go? A look at where 20+ tech companies stand by headcount in 2025–2026—after Block's 40% cut, Meta's trims, and the rest of the unwinding.