BREAKING: Block stock surges over 20% after CEO Jack Dorsey announces plans to cut nearly 40% of the company’s workforce.

In a message to employees, Dorsey said Block will reduce headcount from more than 10,000 to just under 6,000, impacting over 4,000 workers.

He emphasized the move is not driven by financial distress, noting gross profit is growing and profitability is improving. Instead, Dorsey pointed to rapid advances in intelligence tools and a shift toward smaller, flatter teams as fundamentally changing how the company operates.

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