The news: Block reportedly laid off 8% of its staff, affecting more than 900 people, per TechCrunch.

• The company is also closing its 748 open roles, except those at the offer stage or that are critical operations or key leadership roles.
• In a leaked email, CEO Jack Dorsey denied that the layoffs are due to financial reasons or are an effort to replace workers with AI. Dorsey said they reflect “needs around strategy” and are specific to “raising the bar and acting faster on performance.”

Block also conducted major layoffs in January 2024, cutting around 1,000 staff members.