Home
Cryptocurrency
Cryptocurrency News
Jack Dorsey’s Block Is Reportedly Planning to Lay Off Hundreds of Employees

Jack Dorsey’s Block Is Reportedly Planning to Lay Off Hundreds of Employees

Jack Dorsey’s financial services-focused tech firm, Block, is reportedly planning to cut 10 percent of its workforce.

Written by Akash Dutta, Edited by Ketan Pratap | Updated: 9 February 2026 12:59 IST

Jack Dorsey’s Block Is Reportedly Planning to Lay Off Hundreds of Employees

Photo Credit: Reuters

Jack Dorsey’s Block recently changed its NYSE ticker symbol from SQ to XYZ

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Block reportedly plans to fire employees during performance reviews
The Jack Dorsey-owned company reportedly has 11,000 employees
Layoffs are said to be aimed at a broader restructuring

Jack Dorsey's Block (formerly Square) is reportedly planning a large-scale layoff in the coming days. As per the report, the financial services tech platform might cut down as much as 10 percent of its workforce, as part of its upcoming annual performance reviews. The company reportedly has just shy of 11,000 employees, which means the potential layoffs can affect hundreds of workers. It is said that the planned job cuts are part of a broader restructuring; however, the reason behind it was not reported.

Block to Reportedly Fire 10 Percent of Workforce

According to a Bloomberg report, the Jack Dorsey-owned company has recently been informing hundreds of employees that their roles could be cut during the upcoming annual performance reviews. Citing unnamed people familiar with the matter, the publication claimed that as many as 10 percent of the workforce was at risk of losing their jobs. With a reported 11,000 workforce, this means about 1,100 people could be impacted if the company goes ahead with the plans.

There is no clear reason for the layoffs, but the report mentioned that Block is planning a “broader business overhaul.” Whether it is due to AI or if the company is resizing particular business divisions is not certain.

BitChat Climbs Jamaica’s App Charts Amidst Hurricane Melissa Blackout

Block is essentially the umbrella organisation behind a collection of digital, payments-focused services. It is the parent firm of merchant-focused Square, the consumer finance app Cash App, the buy-now-pay-later (BNPL) service Afterpay, and several cryptocurrency-focused initiatives. Interestingly, the music streaming platform Tidal is also majority-owned by the Jack Dorsey venture.

The company famously does not have a headquarters, to highlight the global nature of its business. In January, Block officially changed its NYSE ticker symbol from SQ (representing Square) to XYZ. The tech firm said the change was aimed at highlighting the identity shift to services beyond just what Square does.

In 2024, Block reportedly faced an investigation from authorities in the US over its crypto business. It was said that several compliance violations from the tech firm were detected by the regulators, leading to the probe.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: Jack Dorsey, Block, Layoffs, Cryptocurrency, Enterprise

Akash Dutta Email Akash Dutta

Akash Dutta is a Chief Sub Editor at Gadgets 360. He is particularly interested in the social impact of technological developments and loves reading about emerging fields such as AI, metaverse, and fediverse. In his free time, he can be seen supporting his favourite football club - Chelsea, watching movies and anime, and sharing passionate opinions on food. More