Many former Block employees posted messages to LinkedIn suggesting the staff cuts had been expected since 2023.
Financial payment processing firm Block Inc., co-founded by Twitter creator Jack Dorsey, has reportedly laid off more than 1,000 staff members.
According to a Jan. 30 Business Insider report, Block fired a “large number of [its] teammates” in a single day to streamline operations at the financial firm. The layoffs affected staff in the Cash App, Foundational, and Square arms of Block, affecting roughly 10% of company employees.
“We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company,” said Dorsey in a note to Block staff. “When we know we need to take an action, we want to take it immediately, rather than let things linger on forever.”
