"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. Repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead."
"To those of you leaving...I'm grateful for you, and I'm sorry to put you through this. You built what this company is today. That's a fact that I'll honor."
"Block announced it will lay off more than 40% of its workforce. Dorsey said in his memo that 'intelligence tools' have enabled 'a new way of working.' Anyone laid off will receive 20 weeks of salary plus one week for every year of tenure, have equity vested through the end of May, six months of healthcare, be given their corporate devices, and an additional $5,000."
Block announced a 40% workforce reduction, citing intelligent tools enabling new working methods. CEO Jack Dorsey adopted a notably sympathetic tone compared to other tech layoffs. Departing employees receive 20 weeks base severance plus one week per year of tenure, continued equity vesting through May, six months healthcare, corporate devices, and $5,000 additional compensation. Employees retain Slack and email access for goodbyes. Dorsey justified the immediate large-scale cut over gradual reductions, stating repeated rounds damage morale, focus, and stakeholder trust. This severance package substantially exceeds typical tech industry offerings, with Block shares surging following the announcement.
Read at Business Insider
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