Jack Dorsey’s Block announced a significant restructuring on Thursday, cutting 40% of its workforce, equating to over 4,000 jobs, as a response to the transformative impact of artificial intelligence on business operations. Despite increasing its revenue by approximately $220 million in the last quarter, Dorsey explained that the decision to reduce its headcount from 10,000 to under 6,000 was prompted by the need to adapt to AI advancements, reflecting a trend among firms reallocating resources to AI initiatives. Block, a prominent advocate for Bitcoin, integrates the cryptocurrency into its products such as Square and Cash App, and its decision follows similar layoffs by other major companies, including Amazon and Pinterest, as they pivot to AI-focused strategies.
Block cuts 40% of staff amid AI-driven restructuring, says Dorsey
