Jack Dorsey’s Block, the parent company of Square and Cash App, has undergone a significant restructuring, reducing its workforce by nearly half. The company’s employee count will decrease from over 10,000 to less than 6,000 as a result of this strategic shift.

According to Dorsey, the decision to downsize is driven by the potential of artificial intelligence to enhance operational efficiency, rather than financial difficulties. Despite Block’s strong business performance, with increasing gross profit and improving profitability, Dorsey believes that AI-driven tools will enable smaller teams to achieve greater productivity and agility.

This move highlights the increasing importance of AI in the financial technology sector, as companies strive to adapt to evolving market conditions and maintain a competitive edge.

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