Bitcoin

Block

Block, owned by Twitter founder Jack Dorsey, has laid off large-scale layoffs of more than 1,000 employees.
Block is reportedly terminating 10% of staff in a move meant to purge “a large number of teammates” to streamline operations, according to a memo seen by Business Insider.
The layoffs, which occurred throughout January, affected employees of the <a href="https://crypto.news/jack-dorseys-block-stock-jumps-as-cash-apps-bitcoin-revenue-hits-2-42b/" target="_blank" rel="noopener noreferrer nofollow">Cash App</a>, Foundational and Square divisions, affecting approximately 10% of the staff, the report further specified.
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 “We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company &lt;…&gt; When we know we need to take an action, we want to take it immediately, rather than let things linger on forever.” <cite>Jack Dorsey, Block co-founder</cite>
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This is Block’s second wave of layoffs in two months: in December 2023, the company&nbsp;cut 40 people working on music streaming app Tidal.
Several former Block employees posted farewell messages on LinkedIn. Shayna Ballack, who worked as internal mobility manager,&nbsp;added that the firm had warned of cuts as far back as 2023.
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 “Am I surprised? Not entirely – the company gave us a heads up late last year that cuts were coming – but I certainly was hoping to the highest heavens that I, and my team, weren’t on the chopping block. Alas, the chopping block came calling.” <cite>Shayna Ballack, former Block employee</cite>
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Dorsey’s company previously announced the launch of a division to develop the micropayment network ecosystem <a href="https://crypto.news/tag/Lightning/" target="_blank" rel="noopener noreferrer nofollow">Lightning</a> Network. The project received a succinct name, <a href="https://crypto.news/tag/block/" target="_blank" rel="noopener noreferrer nofollow">Block</a>, and later opened pre-orders for the Bitcoin hardware wallet Bitkey in 85 countries.
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 Lightning is huge– fast, cheap bitcoin payments are the future, and we’re building the infrastructure to be a part of it.— c = (@c_equals) <a href="https://twitter.com/c_equals/status/1631324149854486534?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 2, 2023</a>
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In January 2024, Dorsey, speaking to Bitcoin Magazine, noted the significance of Bitcoin for all humanity. In his opinion, the asset can contribute to “world peace.”
You might also like: <a href="https://crypto.news/jack-dorsey-backs-bitcoin-development-with-5m-investment/" rel="noopener noreferrer nofollow"> Jack Dorsey backs bitcoin development with $5m investment </a>

Jack Dorsey’s Block lays off 10% of staff

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