Dorsey's Block Slashes 4,000 Jobs to Pivot Toward AI Efficiency

Jack Dorsey's Block is laying off over 4,000 employees as the company pivots to an "intelligence-native" model powered by AI.The move comes despite a 24% increase in gross profit to $2.87 billion and has resulted in a 24% surge in the company's stock price.Jerome Powell noted that several firms are now citing AI as a primary driver for workforce reductions and restructuring.