Jack Dorsey Cuts 4,000 Block Jobs in Pivot to AI-Driven Operations

Jack Dorsey announced that his financial services company Block is cutting 4,000 jobs, representing nearly half of its workforce, to pivot toward an AI-driven operational model.The stock price for the firm formerly known as Square surged by 25% following the news as investors anticipated annual savings of $1.2B.CFO Amrita Ahuja reported that AI tools have already increased engineer productivity by 40% and will assist in areas like coding and compliance.Affected employees will receive at least 20 weeks of severance and transition support as the company seeks to hire new senior AI talent.