Read the email Jack Dorsey sent when he cut 931 of Block’s staff

Block, a fintech company, laid off 931 employees, as announced in an email by co-founder and CEO Jack Dorsey. The layoffs were attributed to strategic shifts and performance issues, not financial targets or AI replacements. The cuts were categorized into strategy reasons, performance ratings, and managerial positions, aiming to flatten the company’s hierarchy. Additionally, Block closed nearly 748 open roles, except for certain critical positions. This marks the second significant layoff by Block in 15 months, affecting around 20% of its workforce overall.