Block plans to lay off nearly half its staff in ‘deliberate and bold’ embrace of AI

Block’s stock surges 20% as Wall Street rewards massive job cuts at the parent company of Square and the Cash App.

Block lays off nearly half its staff because of AI. Its CEO said most companies will do the same

Block, the company behind Square, Cash App and Afterpay, is cutting its staff by 40%. The reason: “intelligence tools,” according to a letter to shareholders by co-founder Jack Dorsey.

Block, the parent of Square and Cash App, is laying off over 4,000 people

Block is the latest business to announce layoffs, with the operator of payment platforms Square and Cash App opting to cut jobs in favor of using more AI tools. The financial tech company, helmed by ...
Bitcoin Magazine

Block (XYZ) Surges 25% After Slashing Workforce by Over 40% and Raising Profit Outlook

Shares of Block trade under the ticker XYZ are up 25% aftermarket on the news.
PRIMETIMER on MSN

Why is Block laying off nearly half its staff? Reasons explained

Block cuts 40% of its workforce as Jack Dorsey cites AI-driven restructuring, saying the company remains financially strong despite eliminating over 4,000 jobs ...
Decrypt

Block Stock Pops as Jack Dorsey's Bitcoin, Payments Company Dumps 4,000 Jobs

Block said the restructuring will cost up to $500 million and be largely completed by mid-2026, as investors embraced the move.