https://www.dailymail.co.uk/yourmoney/article-15597141/jack-dorsey-block-layoffs-ai.html
"Jack Dorsey has axed thousands of workers at Block, the parent company of Cash App, Square and Afterpay, in a move signaling a major shift toward artificial intelligence.
In a note to staff, Dorsey explained that Block would be taking on risk by investing in 'intelligence tools,' as the company cut more than 4,000 employees on Thursday:
- "today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone."
The company said workers affected by the layoffs will receive 20 weeks of pay, in addition to an extra week's salary for every year they worked at the company.
Those let go will also keep their corporate devices, receive stock benefits through the end of May, six months of health coverage, and a $5,000 payment to help them through the transition.
Employees outside the US will be offered similar packages, though details will vary by country, the statement said.
All employees were told they would be informed the same day whether they were being laid off, entering consultation, or keeping their jobs.
Block's shares surged 24 percent following the announcement of the layoffs, according to CNN."