Fintech company Block is reducing its workforce by nearly half. From over 10,000 employees, only just under 6,000 will remain. More than 4,000 employees are being laid off or entering consultation procedures. CEO Jack Dorsey announced the measure in an internal letter, which justified the decision with a fundamental transformation of the way of working. It should be noted that Block’s stock price has suffered massively in recent years and has collapsed by approximately 75% over the past years.