Block lays off 40% staff after CEO Jack Dorsey calls layoffs ‘destructive to morale’

Block, led by CEO Jack Dorsey, has drastically cut its workforce by nearly half, impacting over 4,000 employees. Dorsey cited a shift towards leaner, AI-driven operations as the reason, preferring a single, decisive layoff to avoid prolonged uncertainty and morale damage. Generous severance packages are being offered to departing staff.