Block, owned by Twitter founder Jack Dorsey, lays off over 1,000 employees
Block, the company owned by Twitter founder Jack Dorsey, has recently undergone significant layoffs, resulting in the termination of more than 1,000 employees. According to a memo seen by Business Insider, the move is part of an effort to streamline operations and involves purging a large number of teammates. The layoffs took place throughout January and affected employees in various divisions, including Cash App, Foundational, and Square.
Second wave of layoffs in two months
This is not the first time Block has implemented layoffs. In December 2023, the company cut 40 people who were working on the music streaming app Tidal. Several former Block employees have taken to LinkedIn to bid farewell and express their thoughts on the layoffs. Shayna Ballack, a former internal mobility manager at Block, revealed that the company had given employees prior warning about potential cuts.
Block’s focus on Lightning Network
Prior to the layoffs, Block had announced the launch of a division dedicated to developing the micropayment network ecosystem Lightning Network. The company also introduced its Bitcoin hardware wallet Bitkey for pre-orders in 85 countries. Jack Dorsey himself has emphasized the significance of Bitcoin, stating that it has the potential to contribute to “world peace.”
Hot Take: Block undergoes significant layoffs as part of streamlining operations
In a move to streamline operations and improve efficiency, Block, owned by Twitter founder Jack Dorsey, has laid off over 1,000 employees. The recent wave of layoffs affected various divisions within the company and comes after a previous round of cuts in December 2023. Former employees have expressed mixed feelings about the layoffs, with some indicating that they were aware of the impending cuts. Despite the layoffs, Block remains focused on its projects, including the development of Lightning Network and the launch of the Bitkey Bitcoin hardware wallet. Jack Dorsey continues to advocate for the significance of Bitcoin in shaping the future.
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