Billionaire investors had already built exposure. The cost curve is now being rewritten. Shares of Block Inc (NYSE:XYZ) surged roughly 20% premarket after CEO Jack Dorsey announced the company will cut nearly 4,000 employees — about 40% of its workforce — to become “more compact, flat, and AI-focused.”

The stock, currently up over 17% and trading at around $63.90 per share, entered the week down double digits year to date. Then Dorsey rewrote the operating model.

Billionaires Were Already Buying

In the fourth quarter, ARK Investment Management, led by Cathie Wood, increased its Block stake by more than 26%, owning roughly 3.4 million shares.

Tiger Global Management, run by Chase Coleman,…

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