# Overdelegating left Block operating like a holding company

Markdown copy of https://realalpha.app/s/overdelegating-left-block-operating-like-a-holding-company/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

- Speaker: [Jack Dorsey](https://realalpha.app/people/jack-dorsey/) · CEO, Block · Co-founded Twitter and Square, and leads Block, which is reorganizing around an AI intelligence layer.
- Host: [Sonya Huang](https://realalpha.app/people/sonya-huang/) · Partner, Sequoia Capital · Works with OpenAI and Anthropic; co-wrote Sequoia's essay on generative AI.
- Host: [Pat Grady](https://realalpha.app/people/pat-grady/) · Co-steward, Sequoia Capital · Joined Sequoia in 2007; backed Snowflake, Zoom, ServiceNow and OpenAI.
- Show: Training Data
- Episode: [Jack Dorsey: Every Company Can Now Be a Mini-AGI](https://realalpha.app/v/YTVSwOY19Qs/), Apr 2, 2026
- Moment: 42:16 to 45:00 of the episode (3 min), playing on https://realalpha.app/s/overdelegating-left-block-operating-like-a-holding-company/; the episode from there: https://realalpha.app/v/YTVSwOY19Qs/?t=2536

## Quote

> “would have corrected would be just **delegating too much**”
> — [Jack Dorsey](https://realalpha.app/people/jack-dorsey/) at [43:51](https://realalpha.app/v/YTVSwOY19Qs/?t=2631) · Training Data

## Takeaways

1. Delegating divisions can obscure the company’s combined advantage.
2. Block’s value came from linking both sides of the financial network.
3. Dorsey says he waited too long to correct overdelegation.

## About this segment

Jack Dorsey says dividing Block into separate Square and Cash App leadership created disparate cultures and missed the value of their shared financial network. He regrets delegating too much and learning that lesson late.

From “Jack Dorsey: Every Company Can Now Be a Mini-AGI”, Apr 2, 2026. [Watch the full episode](https://realalpha.app/v/YTVSwOY19Qs/)

## Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

[42:19](https://realalpha.app/v/YTVSwOY19Qs/?t=2539) what advice do you have for that 100 person company CEO it's growing really fast like yeah what do you got my only regrets in life and also In our businesses are where I decided not to learn something because I embrace all of our mistakes and all the bad decisions we made. But if I'm not learning from that, actively learning from it, that's what I regret. and um you know in in in probably the worst case in any of these companies um like just delegating way too much yeah especially especially within block because like i wanted to set a structure where we had multiple ceos in this company but i realized oh man we're just building like a holding company now yeah and like we we got like you know the c over here for square and c over We're here for Cash App and like the value of our company is not like these, you know, unrelated things that are growing at different clips.

[43:25](https://realalpha.app/v/YTVSwOY19Qs/?t=2605) It's how do we bring them together and like, you know, really, you know, challenge the whole financial network entirely because we have both sides of the counter. So, like, why aren't we structured that way? and that i think led to just very differing cultures and values and execution levels and um that was a mess so i think the the one thing that i i probably consistently would have corrected would be just delegating too much you know too too uh too much of that and i didn't learn that fast enough like that's that's a regret is i didn't choose to to learn from that fast enough um but when you have your whole your whole your entire company's legible it's a very different equation um and i think my regrets going forward if i were to predict them would be like am i actually putting enough entropy into the system like enough of the

[44:28](https://realalpha.app/v/YTVSwOY19Qs/?t=2668) intent into the system to actually keep us relevant going forward um and and that's hence the shift like i can't imagine doing anything bigger than rebuilding our company as an intelligence um or more correct uh given where where everything is trending so it just it feels like i have to constantly build and constantly learn from whatever we're putting out there in order for us to stay