Jack Dorsey, co-founder of Twitter and Block, has announced significant layoffs affecting over 40,000 employees, nearly halving the workforce from over 10,000 to below 6,000. Citing structural shifts driven by intelligence tools and flatter teams, Dorsey clarified that this decision is not due to financial troubles, as Block continues to see profit growth. He opted for a decisive approach rather than gradual cuts, prioritizing transparency and morale. Affected employees will receive compensation including 20 weeks’ salary plus additional benefits based on tenure, equity, health coverage, and a transition fund. Communication with all staff about their employment status will be simultaneous. For remaining employees, Dorsey emphasized a commitment to rebuilding the company with intelligence at its core. This strategic move reflects Block’s adaptation to a changing work environment and its vision for the future.
Source link
