Jack Dorsey Cuts 4,000 Jobs at Block Citing Impact of AI on Fintech

Block CEO Jack Dorsey announced the layoff of 4,000 employees, representing 40% of the workforce, citing the increasing role of AI tools.The company's stock rose 17% following the news as firms like Morgan Stanley and Goldman Sachs upgraded their ratings despite $500M in restructuring costs.While Jack Dorsey frames the decision as a strategic shift toward AI-driven productivity, economists like Joseph Brusuelas view it as retrenchment following overexpansion.