Jack Dorsey Says Block Not 'Replacing Folks With AI' In Letter Explaining 900+ Job Cuts
1. Block announces 931 layoffs, about 8% of its workforce. 2. CEO Dorsey cites strategy, performance, and hierarchy as reasons. 3. Job cuts aim to increase company value and improve focus. 4. Stock down 1.6%, with a year-to-date decline of 29%. 5. Prior layoffs occurred in January 2024, cutting around 1,000 jobs.