Block Inc. payments company is laying off 10% of its workforce. Jack Dorsey, the CEO of Block and former CEO of Twitter, confirmed most of the layoffs would come from the CashApp, Square, and Foundational businesses.

The layoffs follow earlier directives for teams to focus on “stronger performance” and “stricter prioritization.” Dorsey said management “want to take [action] immediately, rather than let uncertainty prevail.

Former Twitter CEO Jack Dorsey Follows Tech

Most of the layoffs at CashApp will affect Global Marketing and Commerce. Square will lose talent in the Marketing and Creative departments, while Foundational will cut middle management. According to Dorsey, the layoffs were needed to make “every discipline…leaner.”

Block is following a trend as tech and crypto companies remove redundancies and focus on a handful of strategic products. Last year, Meta (formerly Facebook) cut one-third of its staff to eliminate middle managers overseeing different department projects. Ledger, a Paris-based crypto wallet company, reduced its headcount by 12% last year.

Read more: Web3 vs. Traditional Tech Careers: Which Is Right for You?

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Author: David Thomas

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