SQ - Jack Dorsey's Block Implements Major Layoffs Reduces 10% Of Workforce Amid Broader Tech Industry Job Cuts: Report | Benzinga
Block Inc., co-founded by Twitter creator Jack Dorsey, has initiated a major layoff strategy, affecting over a thousand employees across various sectors of the company.
What Happened: Block Inc. (NASDAQ:SQ) on Wednesday laid off a significant portion of its workforce. The layoffs predominantly impacted employees in the Cash App, Foundational, and Square sectors, equating to roughly 10% of the company’s workforce, reported Business Insider.
The layoffs were reportedly conducted in a single day to boost efficiency at the financial firm. “We decided it would be better to do at once rather than arbitrarily space them out, which didn't seem fair to the individuals or to the company," Dorsey said in a note to Block staff.
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