Jack Dorsey announced that he was sacked, referring to the ban on ‘simple’ jobs
Block Inc., the financial payments processing firm founded by Twitter founder Jack Dorsey, has reportedly laid off more than 1,000 employees.
According to a January 30 Business Insider report, Block said, “A large number of [its] Teammates” to streamline operations in finance within a day. The fine affected employees in the Cash app, Basic and Square arms of Block, which affected approximately 10% of the company's workforce.
“We've decided it's better to do it all at once than to do random layoffs, which is unfair to both individuals and the company,” Dorsey said in a memo to Block employees. “When we know we need to take action, we want to take it right away instead of letting things sit forever.”
Now, several former Block employees have posted farewell messages on LinkedIn. Shayna Bullock, who has been internal mobility manager at the company since March 2023, added:
“i wonder? Not entirely—the company had informed us late last year that layoffs were coming—but I was certainly hoping to the highest heavens that my team and I weren't on the cusp of being cut. Alas, the cutter came calling.
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The staff cuts come nearly two months after Block announced plans to launch a self-managed Bitcoin (BTC) wallet. The firm posted revenue of $5.62 billion for the third quarter of 2023, with a $44 million gain on its Bitcoin holdings. In the past three months, major US companies have announced similar layoffs in an effort to cut costs, including asset manager BlackRock, live-streaming platform Twitch and PayPal.
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