Jack Dorsey’s Block to cut nearly half its workforce in AI overhaul, shares surge

Block on Thursday said it will cut over 4,000 jobs, nearly half its workforce, as part of an overhaul to embed artificial intelligence across its operations, sending shares of the payments firm up 25% in after-hours trading.

The layoffs signal how the AI boom is translating from hype into ‌workforce changes, fueling ⁠long-held concerns ⁠among workers and economists that the technology could eliminate roles even as it boosts productivity and profits.

“Intelligence tools have changed what it means to build and run a company. We’re already seeing it internally. A significantly smaller team using the tools can do more and do it better,” CEO Jack Dorsey said in a statement.