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

Jack Dorsey's Block, the financial tech company that runs Square and the Cash app, is cutting its workforce by "nearly half" and axing more than 4,000 jobs. The company will shrink from more than 10,000 people to less than 6,000, Dorsey says in a post on X. And the reason why? AI.

"We're not making this decision because we're in trouble," Dorsey says. "Our business is strong. Gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. But something has changed.