US-based financial services company Block has announced that it will lay off 4,000 employees. The company’s CEO, Jack Dorsey, stated that artificial intelligence tools are significantly transforming organizational performance, enabling companies to achieve better results with fewer employees. He also remarked that many organizations have been slow to recognize this shift. Describing the move as one of the most difficult decisions in the company’s history, Dorsey said that affected employees will receive 20 weeks of severance pay and six months of health coverage, along with support in finding new employment opportunities.
Following the announcement, Block’s shares surged significantly, rising by more than 24 percent in extended trading. Jack Dorsey is also a co-founder of Twitter (now rebranded as X). He founded Square in 2009, which was later renamed Block in 2021 to reflect the company’s focus on blockchain technology.
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