Block Inc. a digital payments company founded by Jack Dorsey, has begun laying off employees this week as part of a previously announced plan to reduce its workforce.
According to a company spokesperson, Block is working to cut its employee headcount by up to 10% gradually through the end of 2024. This brings its total number of employees down from around 13,000 to a maximum of 12,000.
In an internal memo obtained by Business Insider last November, Dorsey explained the decision by stating the “growth of our company has far outpaced the growth of our business and revenue.”
The layoffs come as Block, formerly known as Square, continues shifting its focus toward blockchain technology and Bitcoin.
Specific details regarding the number of employees affected by this week’s job cuts were not provided. However, the company stated that its overall reduction targets have not changed and will be met through a combination of performance-based layoffs and reorganization.
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