Block Cuts Nearly Half Its Workforce

Block CEO Jack Dorsey announced he is cutting more than 4,000 of the company's roughly 10,000 employees, saying AI-driven productivity gains justify the layoffs. The company said engineering output rose about 40%, and Dorsey stressed the business remains strong despite stock declines; investors briefly bid shares up about 18% in premarket trading. The move may prompt other firms to reassess headcounts.