Block Inc., the blockchain and payments firm led by Twitter founder Jack Dorsey, confirmed to CoinDesk that it has begun laying off employees this week as part of the company’s previously disclosed plan to cut headcount by as much as 10% by the end of 2024.
Block, whose companies include Square Inc., Cash App and Tidal, as well as the bitcoin-focused division TBD, said in an earnings call last year that it would reduce its headcount from 13,000 in the third quarter of 2023 to an “absolute cap” of 12,000 by the end of this year.
In a memo to Block staff obtained by Business Insider in November, Dorsey explained the plans by stating that “the growth of our company has far outpaced the growth of our business and revenue.”
The company did not confirm the exact size of this week’s layoffs to CoinDesk, but confirmed that its overall targets hadn’t changed and would be reached gradually through a combination of performance adjustments and other reorganizing measures.
Block, formerly known as Square, rebranded in 2021 to emphasize a shift towards blockchain technology. Dorsey resigned from his CEO role at Twitter in 2021 but stayed on at Block, where he has consistently voiced opinions in support of bitcoin.
Edited by Bradley Keoun.