Jack Dorsey’s Block cuts nearly half of its staff in AI gamble

Jack Dorsey's Block is laying off nearly half its workforce, cutting over 4,000 jobs to reduce staff from 10,000+ to under 6,000 employees. Despite strong business performance with growing profits and customers, the company is restructuring to leverage AI tools with smaller, flatter teams.

• →Block is cutting nearly 50% of its workforce, eliminating over 4,000 positions despite strong financial performance.
• →The layoffs are driven by AI implementation rather than financial distress, with the company reporting growing gross profit and improving profitability.
• →Dorsey believes AI tools paired with smaller teams will enable new operational capabilities and efficiency.
• →The restructuring affects both Square payment processing and Cash App divisions under Block's umbrella.
• →This represents one of the largest AI-driven workforce reductions by a major fintech company to date.