Block Inc's Bold AI Move: 40% Workforce Cut Sparks Outrage and Market Surge
Block Inc., the parent company of Square and Cash App, has stunned the tech world by announcing a sweeping 40% reduction in its workforce, attributing the layoffs to an AI-driven restructuring plan. This decision, which affects around 4,000 employees, is aimed at creating more efficient and flatter organizational structures. CEO Jack Dorsey described it as a necessary proactive measure, aligning with emerging industry trends. While the stock market responded positively with shares soaring up to 20%, public reaction has been largely negative, featuring accusations of 'AI-washing' and concern over economic implications.
Mar 3