OAKLAND, California - Block, the parent company of the fintech firms Square and Cash App, is laying off 40% of its 10,000 employees, stating plainly that the decision was driven by artificial intelligence. Jack Dorsey, the company’s founder and chief executive, said on his X account that Block remains in a strong financial position, with solid profit growth. According to Dorsey, who also co-founded Twitter (now X), advances in AI tools mean the company no longer requires the same number of employees as before. He said the foundations of how businesses are built and operated have shifted significantly, prompting the need for decisive restructuring. Affected employees will receive a minimum of 20 weeks’ severance pay, with additional compensation based on length of service.

Source: Bangkok Post February 28, 2026 07:43 UTC