In recent news, Block, the parent company of Tidal, Square, and CashApp, is preparing for another wave of job cuts, as confirmed by CEO Jack Dorsey.
What Happened: Business Insider reported on Dec. 6, 2023, that Dorsey had shared with staff in a letter that the company would be undertaking “one of the hardest actions” to pursue a more sustainable financial trajectory, including significant layoffs. Bloomberg had previously reported the dismissal of about 40 Tidal employees.
In his note, Dorsey underscored his intent to impose “constraints” on the company’s growth, implying that Tidal will not be the only Block platform to experience staff reductions.
Before this, Block employees had been apprised of a projected 10% reduction in workforce in the forthcoming months. Given the current workforce of roughly 13,000, this suggests that over 1,000 employees stand to lose their jobs.