Business
Jack Dorsey says Block cutting nearly half of workforce for AI transformation
Word on Wall Street panel discusses market selloff, tech stock rotation and Nvidia’s post-earnings drop on Mornings with Maria.
Block on Thursday announced that it will cut nearly half of its workforce as the payments firm works to embed artificial intelligence (AI) throughout its operations.
The layoffs will affect over 4,000 jobs at the company and CEO Jack Dorsey indicated he moved forward with a single round of large cuts rather than a series of smaller workforce reductions to give the company more room for growth as it adapts to the AI era.
Dorsey explained the decision in a series of posts on X, the social media platform he previously led when it was known as Twitter, saying that he isn’t making the decision because Block is in trouble but because the smaller workforce “gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures.”
He said in his note that the job cuts are “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.”
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Jack Dorsey said the layoffs will give Block a better route to growth. (Marco Bello/AFP via Getty Images)
Block will offer affected workers 20 weeks of salary as well as one week per year of tenure, equity vested through the end of May, six months of healthcare, corporate devices and $5,000 to put toward whatever they need to aid in their transition, Dorsey said.
Dorsey said 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. and that’s accelerating rapidly.”
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XYZ | BLOCK INC. | 63.03 | +8.43 | +15.43% |
He went on to say that Block will be built with “intelligence at the core of everything we do. how we work, how we create, how we serve our customers.”
Dorsey added in a follow-up post that the company “over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL.”
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Dorsey said he made a mistake in how he had different structures for Square and Cash App within Block. (Matt Crossick/PA Images via Getty Images)
Block shares surged following the announcement that nearly half of the company’s workforce will be laid off amid the company’s AI realignment, rising 17% during Friday morning trading.
The company’s stock is up 22% in the last week, though it’s down over 2% year to date.
Markets rise and fall, booms come and go, and the world keeps ticking. Ultimately, I believe observing megatrends, as difficult as they can be to spot, let alone fully comprehend, can yield insights into the advance of human society, which in turn could pave the way for many useful investment insights. As society and technologies evolve, companies and other stakeholders will seize advantages. Figuring out which companies will take the best advantage of any given opportunities is not easy. I am especially interested in macrotrends, futurism, and increasingly, emerging technologies. However, as far as investing is concerned, it’s crucial to pay attention to the fundamentals, quality of leadership, product pipeline, and all the other details. In recent years, I have focused on marketing and business strategy, primarily for medium sized companies and startups. I have worked in international development, including overseas for a foreign Prime Minister’s office, as well as non-profit work in the United States. Among other tasks, I evaluated startups and emerging industries/technologies. I have also moonlighted as a technology and economic news journalist. Now I’m looking to tie everything together. While my personal interests will always keep megatrends and technological developments in mind, I do believe fundamentals and technicals are vital to uncovering opportunities.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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Gail Slater, then-head of the Justice Department’s antitrust division, was reviewing Hewlett Packard Enterprise’s $14 billion bid to acquire rival Juniper when she got a phone call from one of the company’s outside lawyers.
“If you don’t approve this settlement, I will destroy you. I will destroy your job at the DOJ,” Mike Davis told her, according to a sworn deposition by her former deputy, Roger Alford, reviewed by The Wall Street Journal.
Slater relayed the call to Alford and told him it had badly shaken her, her former deputy testified. Davis had been Slater’s friend for years and recommended her to President Trump for the job. Now, he was advising HPE—and Slater and her team had proved resistant to the settlement terms he proposed.
The fallout was swift. Within months, two of Slater’s deputies—including Alford—were pushed out of the Justice Department. By February, Slater was gone, too. A senior White House official said Davis played a role in her ouster.
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Editor and publisher of AcheronInsights.com. Investment research centered around using the business cycle to your advantage and a “jack of all trades” approach, focusing on macro, fundamentals, technicals, sentiment, and market structure.I am a CFA charterholder with a background in financial planning and investment analysis.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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FedEx and United Parcel Service have dramatically raised their fuel surcharges in recent weeks as the price of oil has increased amid the turmoil in the Middle East.
It’s a continuation of a yearslong trend: Fuel surcharges have made up an increasing portion of overall shipping charges and driven up the cost of shipping at both companies in recent years. The charges accounted for 19.4% of the overall shipping cost on average for 2025, compared with 6.3% in 2020, according to data from ShipMatrix, a parcel data consultancy.
In the early weeks of March, it went even higher, accounting for as much as 26% of the overall shipping cost, ShipMatrix said.
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