Jack Dorsey's Block Inc. Implements Layoffs as Part of Strategic Staff Reduction Plan
Jan 31, 2024 / GMT+6
Block Inc., the blockchain and payments company led by Jack Dorsey, the founder of Twitter, has confirmed that it has initiated the process of laying off employees this week. This action is in line with the company's previously announced plan to reduce its workforce by up to 10% by the end of 2024.
Block Inc. has confirmed the process of laying off employees this week to CoinDesk on Jan 31, 2024.
During an earnings call last year, Block, which encompasses Square Inc., Cash App, Tidal, and the bitcoin-focused division TBD, stated its intention to decrease its headcount from 13,000 in the third quarter of 2023 to a maximum of 12,000 by the conclusion of this year.
Block Inc. is a publicly traded American corporation that was established in 2009 by Jack Dorsey and Jim McKelvey. Originally known as Square Inc., the company encompasses a range of enterprises operating in the financial technology industry. As of 2023, Block's service network is said to encompass approximately 4 million merchants and cater to 51 million users.
In November, a memo addressed to Block staff was obtained by Business Insider, in which Dorsey explained the plans by highlighting that the company's growth has exceeded that of its business and revenue.
While the exact size of this week's layoffs was not confirmed by the company to CoinDesk, it was confirmed that the overall targets remain unchanged and will be gradually achieved through a combination of performance adjustments and other reorganizing measures.
Formerly known as Square, Block underwent a rebranding in 2021 to emphasize its shift towards blockchain technology. Despite resigning from his CEO role at Twitter in 2021, Dorsey continues to be involved with Block and consistently expresses support for bitcoin.
