High confidence
Feb 26, 2026
Block
− 4,000 ~4,000 (≈40% of workforce)
Attribution · verbatim quote
“A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week.”
— Jack Dorsey (ceo)
Summary
Block (parent of Square and Cash App) cut ~40% of its workforce. CEO Jack Dorsey explicitly tied the move to AI productivity, predicting most companies would make similar cuts within a year.
Evidence notes
- · The recorded quote is an uninterrupted passage from Dorsey's memo reproduced by CNN. The previous version spliced it with separate remarks; Fortune reproduces a different excerpt.
- · Stock rose ~17% post-announcement.