The BLOCK Fintech Company, founded by the creator of Twitter, fired 931 employees in order to “optimize organizational structure and increase efficiency”. These are 8% of personnel.

The General Director and co -founder Jack Dorsey said in a letter to employees that Block continues to adapt to the new realities of the market. He said that the reductions were affected by three categories of personnel: 391 employees were fired for “strategic reasons”, 460-due to low productivity in internal ratings, and 80 managers-to simplify the hierarchy to the “core+4” structure. Another 193 manager was transferred to the role of performers.

This is the second large reduction in the number of Block employees since January 2024. As of December, about 11,300 employees were listed around the world for December.

Dorsy assured that dismissal is not related to the financial difficulties or implementation of AI, but are caused by a change in strategic priorities and the desire to increase the efficiency of work.

By data CNBC television channel, the company is under pressure from shareholders who are upset by the financial indicators of Block for the fourth quarter of last year. The Block quarterly report refers to an income of a share of $ 0.71, which is below the $ 0.87 predicted, as well as the revenue of $ 6.03 billion, which is also below the expected $ 6.29 billion.

Earlier, Block announced the new functionality of the Bitkey cryptocurler, which allows you to indicate the heir to the bitcoins stored on it without the need to transmit Pin-codes or SID-frases during the lifetime of the owner.