Jack Dorsey's Block Cuts 4,000 Jobs Following New Strategic Shift
Block CEO Jack Dorsey announced the fintech firm is laying off over 4,000 employees, nearly half its workforce, to focus on artificial intelligence.Shares of the parent company of Square and Cash App surged 24% in after-hours trading following the announcement and strong annual earnings.Chief Financial Officer
Amrita Ahuja noted the reduction will cost up to $500M in severance while shifting the company toward smaller teams.