Jack Dorsey's Block begins layoffs this week

Block, the blockchain and payments company led by Twitter founder Jack Dorsey, confirmed to CoinDesk that it has begun laying off employees this week as part of its previously disclosed plan to cut up to 10 per cent of its workforce by the end of 2024. Block, whose companies include Square Inc., Cash App, and Tidal, as well as its bitcoin-focused unit TBD, said on its earnings call last year that it would reduce its workforce from 13,000 in the third quarter of 2023 to an "absolute maximum" of 12,000 by the end of the year. "The company did not confirm this week's layoffs. The company did not confirm the exact size of this week's job cuts, but did confirm that its overall goal remains unchanged and will be achieved over time through a combination of performance adjustments and other restructuring measures.