Block Layoffs: Dorsey’s Reorganization Sparks Outrage
Block, Jack Dorsey’s company, is undertaking a second round of significant layoffs, impacting over 930 employees, alongside the reassignment of nearly 200 managers and the closure of 800 open positions. This restructuring, explained by Dorsey as a means to improve performance and speed, aims to streamline operations and enhance efficiency. The move comes amidst a decline in Block’s stock price and slower revenue growth, with Dorsey stating that the changes are intended to boost the company’s value. Unlike previous restructuring, these changes are being implemented swiftly to address perceived lagging action.
John Q. Hosedrinker