Jack Dorsey’s Block cuts nearly half of its staff in AI gamble

Source: The Verge

Jack Dorsey’s Block, the financial‑tech company behind Square and Cash App, is cutting its workforce by nearly half, eliminating more than 4,000 jobs. The headcount will shrink from over 10,000 employees to fewer than 6,000, according to Dorsey’s post on X.

“We’re not making this decision because we’re in trouble. Our business is strong. Gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. But something has changed. We’re already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new …”

Read the full story at The Verge.