Jack Dorsey's Bitcoin Payment Company Block Plans to Lay Off 10% of Workforce

Odaily News Jack Dorsey's Bitcoin payment company Block has begun notifying hundreds of employees that their positions may be eliminated during the annual performance review process as part of a broader restructuring by the company. It is reported that the layoffs could reach approximately 10%. Block initiated a restructuring plan in 2024 aimed at improving efficiency and adjusting its product lines. The company is working to more closely integrate its peer-to-peer payment platform Cash App with its merchant services division, Square. It is reported that Block plans to release its quarterly financial report on February 26. (Bloomberg)