Jack Dorsey, the founder of Twitter, has announced that he will lay off about 4,000 employees from his company Block, which owns Square. In a statement posted on X on Friday, Dorsey said that the company made one of the most difficult decisions in its history by cutting its organizational structure by nearly half, from more than 10,000 employees to fewer than 6,000. This means that more than 4,000 employees will be asked to leave. Dorsey acknowledged that the reason is not that the company is facing any problems, but confirmed that its business is strong and its profits continue to grow. He also acknowledged the impact of artificial intelligence, saying, "We are already seeing that the AI tools we create and use are enabling a new way of working, bringing about radical transformations." Dorsey explained that he had two choices: a gradual or an immediate layoff, and he chose the latter, considering the first to be more painful. He concluded by saying, "I am grateful to you, and I apologize that you are going through this."
