Block Slashes 40% of Jobs, CEO Warns AI Will Reshape Most Companies
Artificial intelligence is no longer a future threat to jobs, it is a present reality and today one major tech company has made that crystal clear.
Block , the financial technology firm behind Square, Cash App and Afterpay, is cutting roughly 40 percent of its workforce. That means more than 4,000 employees are losing their jobs. The company will shrink to just under 6,000 workers. And according to co-founder and CEO Jack Dorsey , the reason is simple and stark. AI.
Dorsey says smaller teams, powered by what he calls “intelligence tools,” can now do more work and do it better. He insists the company is financially strong. Profits are still growing. This is not a rescue plan. It is a restructuring for what he believes is the inevitable future. In his view, most companies will reach the same conclusion within the next year.
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This decision lands at a sensitive moment for the tech sector. During the pandemic, companies hired aggressively to meet soaring online demand. Block’s headcount more than doubled compared to its pre-pandemic size. Now, like many in Silicon Valley, it is trimming back. Giants such as Amazon , Meta , Microsoft , and Verizon have also cut jobs over the past year, often pointing to AI-driven efficiencies as part of the shift.
What makes this move different is how openly it is framed. Dorsey is not saying automation might affect jobs. He is saying it already has. And he believes companies that wait will be forced into painful, reactive cuts later.
Investors appear to approve. Block’s stock surged sharply after the announcement, signaling that markets reward leaner operations and AI integration. But behind the stock charts are thousands of workers facing sudden change, even with severance packages and extended benefits.
This moment raises a larger question for the global workforce. If AI tools can now handle tasks in finance, design, customer service and even management support, what happens to mid-level roles across industries? And how quickly will other CEOs follow this blueprint?
The transformation is accelerating. AI is no longer just assisting employees, it is redefining how many are needed. For workers, for investors and for policymakers, this is a turning point.
Stay with us as we continue to track how artificial intelligence is reshaping the global job market and what it means for businesses and workers everywhere.
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