Block Shares Surge as Jack Dorsey Cuts 4,000 Jobs to Focus on AI

Jack Dorsey announced that his fintech company Block is laying off more than 4,000 employees, representing 40% of its workforce, to shift toward an AI-driven operational model.The decision, which follows a reported 40% increase in engineering productivity due to AI tools, caused the company's stock to surge by more than 20%.While former employees like Ivan Ureña-Valdes expressed concerns about widespread job displacement, Jack Dorsey maintained that smaller teams using intelligence tools will ensure the firm's long-term profitability.