Jack Dorsey’s Block cuts nearly half of its staff in AI gamble

Jack Dorsey's financial tech company, Block, is reducing its workforce by nearly half, resulting in over 4,000 job cuts. The company will decrease its staff from more than 10,000 to under 6,000. Dorsey stated that this decision is not due to financial trouble, as the business remains strong with growing gross profit and an expanding customer base. Instead, the layoffs are part of a strategic shift towards utilizing artificial intelligence, which is enabling the company to operate with smaller, more efficient teams. This move reflects a broader trend in the tech industry towards automation and AI-driven solutions. For further details, visit The Verge.

• Block is cutting over 4,000 jobs.
• Staff will decrease from over 10,000 to under 6,000.
• Dorsey emphasizes the decision is not due to financial issues.
• Gross profit and customer base are growing.
• The shift is towards AI and smaller teams.