Fintech company Block lays off more than 4,000 people, citing AI | AP News

Fintech company Block announced it is laying off more than 4,000 of its 10,000+ employees as part of a reconfiguration to capitalize on artificial intelligence. CEO Jack Dorsey stated in a letter to shareholders that "Intelligence tools have changed what it means to build and run a company," asserting that a "significantly smaller team, using the tools we’re building, can do more and do it better." This explicit naming of AI as a driver for the job cuts, which also applies to Block's subsidiaries like Square and Cash App, caused Block's shares to soar in premarket trading. Analysts noted that Block did not downplay the AI link, unlike some other large employers announcing recent layoffs. The company, founded in 2009 and based in San Francisco, operates globally, and Dorsey outlined support for laid-off employees, though terms might differ overseas.

(Source：AP News)