Block Inc., co-founded with Twitter creator Jack Dorsey, has made the decision to lay off over a thousand employees.

According to information published by Business Insider on January 30th, Block Inc. conducted extensive layoffs of its employees in order to streamline operations in the financial sector. The layoffs affected employees of the Cash, Foundational, and Square arms applications, encompassing approximately 10% of the company's workforce.

Several former Block employees have posted messages on LinkedIn about leaving the company. One such example is a message from Shayna Bullock, who served as an Internal Mobility Manager at the company since March 2023, added:

The company announced revenue of $5.62 billion for the third quarter of 2023, earning $44 million from its bitcoin assets. In the past three months, several major American companies have also reported massive layoffs as part of their cost-cutting strategies, including asset management company BlackRock, live streaming platform Twitch, and PayPal.