Jack Dorsey Cuts Nearly Half of Block’s Workforce; Shares Surge 23%

In a drastic move to restructure the company around advanced artificial intelligence tools and more efficient team dynamics, Block, Inc., led by CEO Jack Dorsey, has announced a large-scale layoff, reducing its workforce by nearly 50%. The fintech giant will cut over 4,000 jobs, reducing its personnel from 10,000+ to fewer than 6,000 employees. Despite the severity of the layoffs, Jack Dorsey assured that the decision is not reflective of financial woes but a strategic refocusing. The market reacted positively to the news, with Block's shares jumping 23% in after-hours trading. Dorsey highlighted that smaller, agile teams equipped with AI tools represent the future of the company's operations. Employees affected by the layoffs will be offered a comprehensive severance package, including 20 weeks of salary and additional benefits. Dorsey emphasized the importance of clear communication during this transition and has scheduled a live video session to address the staff directly.