Square parent company Block cuts nearly half of workforce as AI takes jobs

CEO Jack Dorsey said 4,000 employees would be laid off as the fintech company, which owns Cash App, embraces AISign up for the Breaking News US email to get newsletter alerts in your inboxFintech company Block announced that it would be laying off 4,000 of its 10,000 employees because of gains in AI productivity.“Intelligence tools have changed what it means to build and run a company,” Jack Dorsey, Block’s CEO, said in a letter to shareholders on Thursday. “We’re already seeing it internally. A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week.” Block is the parent company for online payment platforms such as Square and Cash App. Continue reading...