Block plans to lay off over 4,000 employees, with a layoff ratio approaching 50%

Jack Dorsey's payment service provider Block plans to lay off over 4,000 employees, with a layoff rate close to 50%. Its co-founder Jack Dorsey stated that this move is related to the rapid development of AI, and he chose to take immediate action rather than a gradual layoff, believing that multiple rounds of layoffs would undermine morale, focus, and the trust of customers and shareholders.

Affected employees will receive 20 weeks of salary, an additional week of salary for each year of service, 6 months of health insurance, company office equipment, and a $5,000 transition assistance.