Block Inc., led by Jack Dorsey, has started implementing its plan to reduce its workforce by up to 10% by the end of 2024.
The company, encompassing Square Inc., Cash App, Tidal, and the bitcoin-focused division TBD, aims to decrease its staff from 13,000 to a maximum of 12,000.
This decision follows Dorsey’s observation that the company’s growth has surpassed its business and revenue expansion.
Main Points
- Block Inc. begins layoffs as part of a strategic plan to reduce its workforce by 10% by the end of 2024.
- The company’s current subsidiaries include Square Inc., Cash App, Tidal, and the bitcoin-focused division TBD.
- Originally employing 13,000 people, Block Inc. aims to limit its workforce to a maximum of 12,000.
- Jack Dorsey, CEO of Block Inc., noted the company’s growth outpaced its business and revenue growth.
- The exact number of layoffs this week was not disclosed, but the company confirmed its overall reduction targets.
- Block Inc., formerly known as Square, rebranded in 2021 to focus more on blockchain technology.
- Dorsey, a vocal supporter of bitcoin, resigned from Twitter in 2021 but continues to lead Block Inc.
Additional Information
The layoffs at Block Inc. are part of a broader strategy to align the company’s staffing with its business needs.
Jack Dorsey’s leadership continues to emphasize the importance of blockchain technology in the company’s future.
The rebranding from Square to Block Inc. in 2021 marked a significant shift in the company’s focus towards blockchain and digital assets.
Despite the layoffs, Block Inc. remains a key player in the blockchain and digital payments industry.
The company’s approach to gradual staff reduction through performance adjustments and reorganization reflects a measured approach to scaling down.
