Jack Dorsey’s Block To Lay Off Nearly Half of Its 10,000 people Workforce, Stock Rockets 20%
Synopsis
Dorsey said that Intelligence tools have changed what it means to build and run a company and a significantly smaller team, using the tools the company is building, can do more and do it better.
Shares of Jack Dorsey led Block (XYZ) said on Thursday it will lay off more than 4000 people from its 10,000 people workforce, sending shares up 20% in extended hours of trading on Thursday.
“We're reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation,” Jack Dorsey, Block’s co-founder and CEO, wrote in a letter to shareholders.
Dorsey said that Intelligence tools have changed what it means to build and run a company and Block is already seeing it internally. A significantly smaller team, using the tools the company is building, can do more and do it better, he said.
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