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.
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