Block, the financial technology company founded by Square’s CEO Jack Dorsey, is planning to let go of almost a thousand employees as part of its second significant restructuring effort within a year. According to an email viewed by the Guardian and sent by Dorsey, titled “smaller block,” more than 930 employees will be dismissed, nearly 200 managers reassigned to non-management positions, and around 800 open jobs will be closed.

The company, which now operates payment platforms including Square and Afterpay, the money transfer app CashApp, and the music streaming service Tidal, aims to improve performance, reduce bureaucracy, and enhance efficiency. Dorsey clarified in the email that the layoffs are not intended to meet a financial target, replace workers with AI, or change the company’s employee headcount cap, which he set at 12,000 in an earlier reorganization effort.

Dorsey emphasized that the decision is based on the need to increase performance and agility within the organization. The CEO revealed that these cuts are made for the sake of fairness and efficiency, as the company has been trailing in its actions. He also acknowledged the importance of increasing the company’s stock value, noting that the company must move swiftly to stay ahead in its transformational industry.

Block has seen a decline in its stock price by 29% year-to-date, with concerns from shareholders regarding the growth of its revenue and profits, even as Dorsey has assumed more operational control.

Source: https://www.theguardian.com/technology/2025/mar/25/block-layoffs-jack-dorsey-cashapp-square-tidal