is the latest high-profile tech company to cut hundreds of jobs, according to reports. CEO Jack Dorsey is said to have informed his employees that the company is laying off “a large number” of employees. , and core (i.e. operations) groups bear the brunt of the impact. according to The source says Block is releasing about 1,000 people.
According to the report, Dorsey wrote in his memo that the company is getting weaker. He from the Tidal team in December. Last year, Block said it planned to limit its workforce to about 12,000 workers, down from about 13,000 at the end of 2023. Engadget has reached out to Block to confirm the cuts.
Initially, the layoffs were expected to take place over several months, but executives reportedly preferred them to be implemented simultaneously. “Why does so much happen in one day? All of these teams were confident in the direction they were going and ready to move in the same 2-3 weeks,” Dorsey recalled. “We decided it was better to do it [it] separate them all at once rather than placing them arbitrarily, which didn’t seem fair to either the individuals or the company. When we know we need to take action, we want to do it right away rather than let things drag on indefinitely.”
The tech industry has laid off tens of thousands of workers over the past year, including thousands across companies this month alone. , , , , , and . On Tuesday, it also turned out to be PayPal fires about 2,500 people.
