Jack Dorsey’s Email on Block Layoffs: Read the Full Message

Block, the fintech giant behind Cash App and Square, laid off 931 employees—about 8% of its workforce—on Tuesday. CEO Jack Dorsey announced the cuts in a company-wide email, citing "strategy," "performance," and "hierarchy" as key reasons. He emphasized that the layoffs weren’t financially driven but aimed at streamlining operations and maintaining high performance standards. The largest group affected—460 employees—were let go for "performance" reasons, while 391 roles were cut for strategic shifts.

Additionally, 80 managers were removed to flatten the corporate hierarchy, with 193 others reassigned. Dorsey also confirmed the closure of 748 open roles, except for those in advanced hiring stages or critical operations. Acknowledging the difficulty of the decision, Dorsey stressed the need for swift action, stating that delaying restructuring was unfair to both employees and the company. He expressed gratitude to departing staff, assuring them that Block remains committed to creating value for shareholders and customers alike.
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