Twitter co-founder’s fintech firm downsizes with significant staff reductions.

TLDR:

• Fintech corporation Block, led by Jack Dorsey, is laying off employees due to outpaced growth.
• Around 1,000 employees were affected, including Cash App and Square divisions.

Fintech corporation Block, headed by Twitter co-founder Jack Dorsey, is laying off employees in “large numbers” due to its business and revenue growth being outpaced. Approximately 1,000 employees have been affected, with the Cash App, Foundational, and Square divisions being impacted, representing 10% of the company’s workforce. Block had a challenging year as its revenue from Cash App, Afterpay, and Bitcoin declined, and its subsidiary, Square, faced tough competition. Despite these challenges, Block reported $5.62 billion in revenue in Q3 2023.