Odaily Planet Daily reports that fintech company Block announced a large-scale layoffs plan. Co-founder Jack Dorsey stated that the company will cut nearly 4,000 jobs, reducing the total number of employees from over 10,000 to less than 6,000, in order to promote a leaner, flatter, AI-centric organizational structure.
Dorsey said that although the company’s financial health is solid and gross profit continues to grow, artificial intelligence and intelligent tools are profoundly changing the way the company operates, necessitating a comprehensive restructuring. He noted that large-scale adjustments carry risks, but maintaining the status quo also poses risks. The company has conducted a thorough assessment of staffing needs.
Unlike gradual layoffs, Block has chosen to implement a one-time large-scale reduction to avoid long-term uncertainty affecting employee morale. Affected employees will receive 20 weeks of basic compensation plus additional compensation based on their years of service.
Following the announcement, Block’s stock price rose over 20% in after-hours trading. The company’s closing price that day was $54.53, with a current market capitalization of approximately $31 billion. Over the past year, the stock has declined about 16%.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Remains Resilient as Iran-US Conflict Fuels Risk-Off Sentiment
Bitcoin has gained over 2%, defying a global risk-off sentiment sparked by the escalation of the US-Iran conflict that has seen most stocks plunge.
Analysts say it’s the best time to buy BTC as the US Fed is going to start printing billions of dollars to support the war, as it has in
CryptoNewsFlash5m ago
Spot silver rises by 5.00% intraday
Odaily Planet Daily reports that Gate data shows spot silver surged 5.00% intraday, currently at $86.12 per ounce.
GateNews6m ago
Gate Research Institute: DEX Trading Volume Rebounds, SuperLink Ecosystem Accelerates Development | Gate Institutional Crypto Market Weekly Report (February 23 – March 1, 2026)
Recently, market liquidity has been relatively thin, with BTC dropping rapidly and entering a consolidation phase, while ETH has shown weak performance. Geopolitical risks have driven up oil and precious metals, with funds shifting toward defensive assets. DEX trading volume experienced a pulse release, but overall remains below historical highs, and the market is still in a deleveraging stage. Next week, attention should be paid to several macroeconomic indicators and events such as token unlocks that could cause market volatility.
GateResearch8m ago
Eric Trump posted this morning criticizing large banks for hindering the development of the cryptocurrency industry.
Eric Trump, the son of Donald Trump, criticized big banks on social media, accusing them of long-term monopolies and harming customer interests, while also blocking the cryptocurrency industry from providing real benefits and rewards to users, showing a panic over digital financial competition.
GateNews15m ago
QCP: Bitcoin remains resilient amid the Hormuz crisis, while AI and tech industries come under pressure
The closure of the Strait of Hormuz has led to rising energy prices, with Brent crude reaching $83 and natural gas up 50%. The South Korean stock index KOSPI fell 20% due to the impact. Bitcoin performed strongly, possibly indicating a shift in risk appetite. The market expects continued volatility, with all parties pressuring Iran to open the strait.
GateNews52m ago
Dark Week for Asian Stocks! Korea locks out margin traders, Taiwan's many frogs are crying out, and Japan's NISA investors are feeling the pain of the stock market crash
The joint attack by the US and Israel on Iran caused a crash in Asian stock markets. South Korea's KOSPI plummeted nearly 20% over two days, marking the largest decline since 2008; Taiwan's stock market was also affected, with TSMC's market value evaporating nearly 2 trillion yuan, and PTT's stock board experiencing panic selling. The Japanese market also took a heavy hit, with the Nikkei index dropping over 4,000 points in three days. NISA investors are facing their first market crash challenge, and investor panic sentiment is rising. The market has not yet stabilized.
動區BlockTempo1h ago
