Twitter Co-Founder Jack Dorsey Cuts Over 4,000 Jobs at Block

Jack Dorsey, co-founder of Twitter, announced that his company, Block (formerly Square), is cutting its workforce by nearly half, eliminating over 4,000 jobs, shrinking staff from over 10,000 to under 6,000. Dorsey stated this massive layoff was not due to financial distress, as gross profit and profitability are improving. Instead, the restructuring is attributed to rapid advancements in artificial intelligence tools potentially making roles redundant and a strategic shift toward smaller, flatter teams. Affected employees will receive a severance package including 20 weeks of salary plus tenure-based pay, equity vesting through May, six months of healthcare, and transition support. Dorsey opted for an immediate, large reduction to avoid damaging morale through repeated, smaller layoffs. Block operates payment systems like Cash App and is heavily invested in Bitcoin infrastructure.

(Source：BeInCrypto)