BlockBeats News, February 27th. According to Cointelegraph, Twitter founder Jack Dorsey’s Bitcoin payment company Block is reportedly laying off 4,000 employees, nearly half of its workforce. The company is betting on artificial intelligence to transform future labor productivity. Following the layoff plan, Block’s stock price surged 22% after hours. Since 2024, Block has been restructuring its business model and workforce due to its underperforming stock price. Meanwhile, the company has invested heavily in developing AI tools to enhance operational efficiency, including the in-house tool named Goose.
Block founder Jack Dorsey wrote in a letter: “AI tools have already changed the definition of building and running a company. We have seen this change within the company. A significantly smaller team, after using the tools we developed, can accomplish more and do it better.”
