Block, Twitter founder Jack Dorsey’s fintech company, announced plans Thursday to eliminate approximately 4,000 positions, representing 40 percent of its total workforce, as AI capabilities prompt a fundamental restructuring of how the company operates.
The Wall Street Journal reports that Block, the parent company of Square and Cash App revealed the massive workforce reduction alongside its fourth-quarter earnings report, with Dorsey directly attributing the decision to advances in AI technology that he believes have transformed the requirements for building and running a modern technology company.
The announcement sent Block’s stock price…
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