New York
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Block, the company behind Square, Cash App and Afterpay, is cutting its staff by 40%. The reason: “intelligence tools,” according to a letter to shareholders by co-founder Jack Dorsey.
Dorsey thinks most companies will follow suit in the near future.
The company is laying off more than 4,000 people, reducing the workforce to just under 6,000.
The cuts come as AI has reshaped jobs across the tech sector and is raising concerns about the future of the job market. Companies like Amazon, Meta, Microsoft and Verizon have all made sweeping cuts in the last year tangentially related to AI.
“A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities…
