Block Announces Over 4,000 Layoffs Amid AI-Driven Restructuring; Shares Rise 24%

Block, the fintech company led by co-founder Jack Dorsey, announced layoffs of over 4,000 employees, nearly half its workforce, as part of a strategic shift to integrate artificial intelligence tools and streamline operations. The company reported stable financial results alongside the cuts, expecting to spend up to $500 million on severance. Dorsey emphasized the decision aims to adapt to AI-driven efficiency and avoid prolonged morale issues, predicting similar moves across industries. Block's shares rose over 24% following the announcement.