Published: February 28, 2026 at 10:26 am
THG CEO Matt Moulding has warned of a ‘tsunami impact’ coming from AI.
The entrepreneur was speaking out after Twitter founder Jack Dorsey announced 40 per cent job cuts at his tech company Block, as a result of AI.
Moulding said: “Make no mistake, the key players in the US are moving fast around AI, and we all need to take note.
“Anyone still asleep about the tsunami impact coming from AI, then today’s news is another wakeup call.
“Jack Dorsey, founder and chair of Block, the US group behind Square and Cash App, has announced he’s cutting 40 per cent of his workforce, by rolling out mass adoption of AI.
“4,000 highly paid global jobs will be gone by this weekend, adding to the near 30,000 head office job losses announced by Amazon in the past five months alone.
“Most of the US tech giants are making dramatic changes to their business models and people teams, because they clearly see something coming.
“Dorsey is no mug. He founded Twitter, sold it to Elon Musk, and has gone on to be serious player in the global payments market.”