Twitter founder's payment company Block has started layoffs this week, with a scale of 1,000 people

ChainCatcher news, payment company Block, founded by Twitter co-founder Jack Dorsey, has confirmed that it began layoffs this week as part of the previously disclosed plan to cut 10% of its workforce.

It is reported that Block stated in last year's earnings call that it would reduce its employee count from 13,000 in the third quarter of 2023 to an "absolute maximum" of 12,000 by the end of 2024, resulting in nearly 1,000 layoffs. Dorsey mentioned in a memo that the layoffs are due to the company's growth far exceeding the growth of its business and revenue. The company did not confirm the specific scale of this week's layoffs but affirmed that its overall goal remains unchanged and will be gradually achieved through performance adjustments and other restructuring measures. Block's subsidiaries include Square Inc., Cash App, and Tidal, as well as the Bitcoin-focused division TBD.