Jack Dorsey says he's cutting over 4,000 jobs at Block, nearly half of all roles. Read the memo.

"I had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. I chose the latter. We're already seeing that the intelligence tools we're creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company."

"today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. we're not making this decision because we're in trouble."

"if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition."

Block, the financial services company cofounded by Jack Dorsey, is reducing its workforce by approximately 50%, eliminating over 4,000 positions. Dorsey chose immediate action over gradual cuts, stating the company is not in financial trouble but recognizing fundamental changes in how organizations operate. The shift centers on leveraging intelligence tools paired with smaller, flatter team structures that enable new working methods. Affected employees receive 20 weeks of salary plus one week per year of tenure, vested equity through May, six months of health insurance, corporate devices, and $5,000 transition assistance. The announcement drove Block's stock up 23% in after-hours trading, reflecting market confidence in the strategic direction.

Read at Business Insider