Block shares spike 20% after Jack Dorsey orders sweeping layoffs to ride AI wave
Financial tech firm Block’s stock surged as much as 20% in Friday trading after its billionaire CEO Jack Dorsey revealed plans for sweeping layoffs and a full embrace of AI tools . Dorsey, best known as the co-founder of Twitter, said Block would lay off about 40% of its employees – or more than 4,000 of its 10,000-plus workforce. “The core thesis is simple. Intelligence tools have changed what it means to build and run a company,” Dorsey wrote in a letter to shareholders. “We’re already seeing
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