What Did Jack Dorsey Mean by “There Is No Moat”? Elon Musk and Michael Saylor Weigh In

On Oct. 24, 2026, Block CEO Jack Dorsey posted on X that no moat exists, a message viewed more than 3.5 million times shortly after Block introduced Dessa, a voice AI model from a small in-house research lab. The term, borrowed from investor Warren Buffett, means a lasting advantage that protects a company from rivals. Block says Dessa was trained only on human conversation, without text or pretrained models, and ran on one Nvidia GB200 NVL72 rack. Michael Saylor, executive chairman of Strategy, which holds the largest corporate Bitcoin treasury, responded that Bitcoin itself was the protection, while Tesla CEO Elon Musk cited Sparta’s soldiers rather than walls.