Summary
Jack Dorsey's company, Block, is laying off nearly half of its workers, reducing its staff from 10,000 to under 6,000. This move is part of a broader focus on using artificial intelligence (AI) to change how the company operates.
Key Facts
- Block is reducing its workforce from 10,000 to less than 6,000 employees.
- The layoffs are attributed to a shift towards using artificial intelligence (AI).
- Jack Dorsey co-founded Block and was a co-founder of Twitter.
- AI is enabling companies to work with smaller and more efficient teams.
- Other tech firms like Amazon, Meta, Microsoft, and Google have also laid off workers to focus on AI.
- Block will face up to $500 million in costs for restructuring due to its new strategy.
- Block's financial performance showed increased profits towards the end of last year.
- The company's stock price increased by more than 20% after announcing the layoffs.
