Block cuts nearly half of staff as shares jump 24% — Jack Dorsey says others will follow
Block said it has laid off nearly half its staff because of AI, a move that coincided with a 24% surge in its stock; the company’s actions and a related announcement by Jack Dorsey have drawn immediate attention. The report that block cut staff and that its CEO predicted most companies will follow came in headlines published 9 hours ago.
Block lays off nearly half its staff, CEO predicts wider trend
A headline published 9 hours ago said Block laid off nearly half its staff because of AI and that the company’s CEO said most companies will do the same. The headline links the staff reduction directly to AI as the driving reason and records the CEO’s prediction about other firms following suit.
Share market reaction: Block shares soar 24%
CNBC published a headline 11 hours ago stating that Block shares soared 24% as the company slashed its workforce by nearly half. The 24% jump in share price was presented alongside the workforce cuts as the immediate market response noted in that coverage.
Jack Dorsey lays off 4, 000 and issues a timeline
SFGATE published a headline 9 hours ago saying Jack Dorsey lays off 4, 000 and that he said others will do same 'within the next year'. The SFGATE headline includes both the size of the layoffs—4, 000 people—and Dorsey’s quoted timeframe for when he expects similar moves at other companies.
How the pieces fit together
All three headlines in the provided context connect large workforce reductions to AI-driven change: the headline ties Block’s nearly half staff cut to AI and records the CEO’s expectation that most companies will follow, the CNBC headline ties the nearly half workforce cut to a 24% share surge, and the SFGATE headline records Jack Dorsey’s 4, 000 layoffs and his prediction that others will act 'within the next year'. Each headline was published within the last 11 hours in the provided context.
What’s next
It is unclear in the provided context what specific next steps each company has scheduled or what the next public milestone will be.
