27.02.2026 08:02
Financial technology company Block announced that it will lay off over 4,000 employees by nearly halving its workforce. Co-founder Jack Dorsey emphasized that intelligence tools have transformed company management, arguing that this decision is the right one.
The financial technology company Block, which owns the mobile payment and finance application Cash App, announced that it will lay off over 4,000 employees.
THEY PUBLISHED FINANCIAL RESULTS Block, the company founded by Twitter's co-founder and former CEO Jack Dorsey, published its financial results for the last quarter of the previous year.
Jack Dorsey "WE SHARED A DIFFICULT DECISION WITH OUR TEAM TODAY" Block Co-Founder Dorsey stated in a letter to shareholders regarding the company's balance sheet, "We shared a difficult decision with our team today. We are reducing Block's workforce by nearly half, bringing it down from over 10,000 to just under 6,000, which means that more than 4,000 people will need to leave or enter a consultation process."
"THE CAPABILITIES OF INTELLIGENCE TOOLS ARE INCREASING EVERY WEEK" Dorsey, who believes this is the right path for the company, explained his reasoning for the decision. He pointed out that intelligence tools are changing the meaning of starting and managing a company, stating, "We are already seeing this within the company. A much smaller team using the tools we have created can do more and better. The capabilities of intelligence tools are increasing at a faster rate every week. I don't think we reached this awareness early; I believe most companies are falling behind. Within the next year, I think most companies will come to the same conclusion and make similar structural changes."