# Jack Dorsey's Block Slashes 40% of Workforce, Credits AI Efficiency

*Author: Jack Inabinet*
*Published: Feb 27, 2026*
*Source: https://www.bankless.com/read/news/jack-dorseys-block-slashes-40-of-workforce-credits-ai-efficiency*

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Shares in Jack Dorsey's Block (NYSE: XYZ) soared 20% overnight following its latest earnings announcement, during which the company disclosed that nearly half of its workforce will be fired.

### What's the Scoop:
- **Move Over Human:** Block fired nearly half of its workforce yesterday. CEO Jack Dorsey [informed](https://x.com/jack/status/2027129697092731343) the public via X, claiming that while business remains strong and growth prospects remain lofty, "intelligence tools" have fundamentally changing how the company operates.
- **Mixed Motivation:** While Block appears to have successfully framed its mass layoff as an effort to better more productively an AI-empowered future, some stock market analysts have questioned the narrative, [pointing out](https://x.com/Janastas/status/2027465114736349438?s=20) Block's gluttonous mid-COVID hiring spree that was never corrected.
- **Bad Few Years:** Although Block soared post-earnings, the headline result itself was a miss. XYZ shares were trading approximately 80% below their August 2021 peak at the time of writing.

> we're making [@blocks](https://twitter.com/blocks?ref_src=twsrc%5Etfw) smaller today. here's my note to the company.####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…— jack (@jack) [February 26, 2026](https://twitter.com/jack/status/2027129697092731343?ref_src=twsrc%5Etfw)