Block Inc. Implements Job Cuts to Reduce Workforce
Block Inc., led by Jack Dorsey, has begun the process of reducing its workforce in an effort to reach its goal of capping the total number of employees at 12,000 by the end of 2024. According to a recent report by Business Insider, Block plans to decrease its current staff count of approximately 13,000 by up to 10.
Jack Dorsey’s Layoff Decision
In a recent communication to Block staff, CEO Jack Dorsey announced the company’s decision to lay off employees. Although he did not disclose the exact number, a source familiar with the matter indicated that it was close to 1,000. The layoffs primarily affected personnel across Block’s divisions, including Cash App, Foundational, and Square. Dorsey stated that these measures were aimed at streamlining operations and increasing efficiency within the company.
Block’s Second Round of Downsizing
Block first expressed its intention to limit its workforce during its third-quarter earnings announcement in November 2023. This latest round of layoffs is the second in just two months. Previously, Block had reduced its workforce by 40 employees in December, mainly from its Tidal music streaming service division. Dorsey explained that swift action is taken when necessary rather than letting issues linger indefinitely.
Hot Take: Jack Dorsey’s Block Inc. Initiates Layoffs to Reach 12,000 Employee Cap
Block Inc., led by Jack Dorsey, has started implementing job cuts in order to reduce its workforce and reach its goal of capping the total number of employees at 12,000 by the end of 2024. The layoffs predominantly affected personnel across Block’s various divisions. This move is part of a broader effort to streamline operations and increase efficiency within the company. This is the second round of layoffs for Block in just two months. The company aims to take immediate action when necessary, rather than letting issues linger.
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