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Block, owned by Twitter founder Jack Dorsey, has laid off large-scale layoffs of more than 1,000 employees.
Block is reportedly terminating 10% of staff in a move meant to purge “a large number of teammates” to streamline operations, according to a memo seen by Business Insider.
The layoffs, which occurred throughout January, affected employees of the Cash App, Foundational and Square divisions, affecting approximately 10% of the staff, the report further specified.
“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 <…> When we know we need to take an action, we want to take it immediately, rather than let things linger on forever.”
Jack Dorsey, Block co-founderThis is Block’s second wave of layoffs in two months: in December 2023, the company cut 40 people working on music streaming app Tidal.
Several former Block employees posted farewell messages on LinkedIn. Shayna Ballack, who worked as internal mobility manager, added that the firm had warned of cuts as far back as 2023.
“Am I surprised? Not entirely – the company gave us a heads up late last year that cuts were coming – but I certainly was hoping to the highest heavens that I, and my team, weren’t on the chopping block. Alas, the chopping block came calling.”
Shayna Ballack, former Block employeeDorsey’s company previously announced the launch of a division to develop the micropayment network ecosystem Lightning Network. The project received a succinct name, Block, and later opened pre-orders for the Bitcoin hardware wallet Bitkey in 85 countries.
Lightning is huge– fast, cheap bitcoin payments are the future, and we’re building the infrastructure to be a part of it.
— c = (@c_equals) March 2, 2023In January 2024, Dorsey, speaking to Bitcoin Magazine, noted the significance of Bitcoin for all humanity. In his opinion, the asset can contribute to “world peace.”
