Overview
- Block is cutting more than 4,000 roles, nearly half of its 10,000‑plus employees, according to Dorsey’s shareholder letter.
- The CEO said new intelligence tools let a significantly smaller team build and operate products faster and better.
- He predicted most companies will reach the same conclusion within a year and make similar structural changes.
- Investors cheered the plan with a sharp share‑price jump, even though Block reported roughly $1.3 billion in profit last year.
- Which teams and geographies are affected remains unclear and a California WARN notice had not appeared, while a laid‑off data analyst said AI had already automated much of his work.