Jack Dorsey’s Block to cut nearly half its workforce in AI overhaul, shares surge

FILE PHOTO: Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via Reuters/File Photo

Feb ⁠26 (Reuters) - Block on Thursday said it will cut over 4,000 jobs, nearly half its workforce, as part of an ⁠overhaul to embed artificial intelligence across its operations, sending shares of the payments firm up 25% in ‌after-hours trading.

The layoffs signal how the AI boom is translating from hype into workforce changes, fueling long-held concerns among workers and economists that the technology could eliminate roles even as it boosts productivity and profits.