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

Jack Dorsey’s Block, the parent company of Square and Cash App, is significantly reducing its workforce, cutting nearly half of its staff – over 4,000 jobs – to strategically invest in artificial intelligence. Dorsey stated the decision isn’t due to financial struggles, as the company’s gross profit is growing and profitability is improving. Instead, he believes AI tools, combined with smaller teams, are creating a more efficient way to operate. He chose a large-scale layoff over gradual cuts, aiming for a decisive shift towards an “intelligence-native company.” Dorsey anticipates that a smaller, faster Block focused on AI will be significantly more valuable.

(Source：The Verge)