The cofounder and CEO who previously ran Twitter told Block staff on Tuesday that the financial-tech company was letting go of “a large number of our teammates,” according to a note viewed by Business Insider.
This is Block’s second layoff in two months, with the company in December laying off 40 people working on the music-streaming app Tidal.
Dorsey did say that the layoffs focused on Block workers at Cash App, Foundational, and Square.
While Block’s staff was told to expect cuts, along with drastic changes to how performance would be evaluated going forward, in previous notes, Dorsey made it seem as though the process would occur over several months.
“We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company,” Dorsey said in his Tuesday note.
Google and Amazon made significant cuts to head count, while Meta is slimming down in a more roundabout way by eliminating certain job titles and telling affected workers they can reapply.
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