Twitter co-founder Jack Dorsey’s financial services company Block has announced it will fire 40 percent of staff – around 4,000 people – because new “intelligence tools” the company is implementing “can do more and do it better.”
The company announced the sackings in the shareholder letter [PDF] accompanying its Q4 earnings announcement on Thursday. The payments and crypto company reported quarterly revenue of about $6.25 billion – up 3.6 percent year-over-year – and gross profit of around $2.9 billion. The company made $1 billion of gross profit in December 2025 alone. Full-year revenue came in at about $24.2 billion, and gross profit was around $10.36 billion.
“2025 was a strong year for us,” Dorsey wrote in the shareholder letter, before posing the question, “Why are we changing how we operate going forward?”
His answer, spread across the letter and a Xeet, is that AI has already changed the way Block works, so it needs to change its structure.
“We’re already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that’s accelerating rapidly,” he wrote on X.
I don’t know what Block is, but if I come across it I’ll be sure to avoid it.
It’s Paypal but with Bitcoin apparently.
But hey, they say they are cutting jobs because of AI. So we have to take them at their word.
Clearly AI and Bitcoin are the future.
That’s only a small part, they own Square.
Do you know if Block and Square share the same group of employees?
I don’t know where to look for legitimate sources on these things… I tried but got two vastly different numbers (5,000 and 12,0000).
Yes, Square is a product that Block sells. Block was actually called “Square” until relatively recently and Jack Dorsey became obsessed with Blockchain.
They own Square which you’ve almost certainly used if you ever paid a small vendor via a payment card (as opposed to cash).