Block, the company founded by Twitter’s Jack Dorsey, has executed substantial layoffs, dismissing over 1,000 employees, according to Business Insider.
A company memo seen by the publication revealed that Block reduced a “large number of team members” in a single day to streamline operations.
The layoffs affected employees in the Cash App, Foundational, and Square divisions, impacting approximately 10% of the workforce, journalists noted.
“It’s better to do this all at once rather than distributing [layoffs] arbitrarily, so it doesn’t seem unfair to individuals or the company. When something needs to be done, we want to do it immediately, rather than dragging these things out forever,” Dorsey wrote in the memo.
This marks the second wave of layoffs at Block in two months: in December, the company cut 40 employees working on the Tidal music streaming app.
Several former Block employees posted farewell messages on LinkedIn. Shayna Bulluck, who worked as a manager of internal mobility, added that the firm had warned about layoffs as early as 2023.
“I certainly hoped that my team and I wouldn’t end up on the chopping block. Alas, the axe has fallen,” she noted.
Earlier, Dorsey’s company announced the launch of a division to develop the Lightning Network micropayments ecosystem. The project was given the succinct name — c=.
Later, Block opened pre-orders for the Bitkey hardware bitcoin wallet in over 85 countries.
In January 2024, Dorsey highlighted the significant impact of the first cryptocurrency on humanity. In his view, the asset could contribute to “world peace.”