Jack Dorsey’s Block cuts thousands of jobs as it embraces AI
The layoffs will mean headcount at the company - which owns Square, CashApp and Tidal - will fall to less than 6,000 from 10,000. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Twitter co-founder Jack Dorsey's company Block is implementing significant layoffs, cutting its workforce by nearly half, from 10,000 to less than 6,000 employees.
- The company is attributing these redundancies to the transformative impact of artificial intelligence (AI) on how businesses operate.
- Other major tech firms like Meta, Microsoft, and Amazon are also reducing staff and increasing AI investments.
- Block, which owns Square, CashApp, and Tidal, expects up to $500m in restructuring costs.
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