Block, the parent company of Square, is the latest tech firm to announce employee layoffs. According to news reports, approximately 1,000 employees, or 10% of the total workforce, will be let go.
In an internal memo from Jack Dorsey, the founder and CEO of Block/Square, it was mentioned that the number of employees exceeds the company’s growth and revenue. Therefore, it is necessary to downsize. Dorsey stated that the intention is to lay off all employees at once, rather than in smaller increments, to ensure fairness for everyone.
Previously, Block had announced plans to reduce its workforce from 13,000 to 12,000 by the end of 2023.
Currently, Block’s business consists of five main segments: Square, a hardware and software solution for retail and restaurant businesses; Cash, a financial app; Tidal, a music streaming app; Afterpay, a buy-now-pay-later service; and TBD, a cryptocurrency marketplace.
TLDR: Block, the parent company of Square, is laying off approximately 1,000 employees. Jack Dorsey, the founder and CEO, explained that the decision is necessary due to the company’s growth and revenue. The aim is to lay off all employees at once to ensure fairness. Block’s business includes Square, Cash, Tidal, Afterpay, and TBD.
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