Jack Dorsey says he’s cutting nearly half of his staff — 4,000 jobs — at Block. Read the memo.

• Block lays off over 4,000 employees, cutting its workforce by nearly half, CEO Jack Dorsey said.
• Jack Dorsey emphasized a shift toward smaller teams and intelligence tools at Block.
• Read the lengthy post Dorsey shared about the cuts below.

Block is letting go of over 4,000 employees, cutting the company nearly in half, cofounder and CEO Jack Dorsey said Thursday.

“I had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. I chose the latter,” Dorsey, who also co-founded Twitter, said in a lengthy post on X.

Dorsey said the business was doing well but that “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 way of working which fundamentally changes what it means to build and run a company,” he said. “And that’s accelerating rapidly.”

Block is the parent company of Square, Cash App, Afterpay, TIDAL, Bitkey, and Proto. Shares of Block rose 23% in after-hours trading.

Read the full post below.

Read the original article on Business Insider

The post Jack Dorsey says he’s cutting nearly half of his staff — 4,000 jobs — at Block. Read the memo. appeared first on Business Insider.