Fintech firm Block to cut nearly half its workforce as founder Jack Dorsey cites shift to AI
Block, Inc. announced it will lay off more than 4,000 employees, nearly half its workforce, as it pivots toward AI-driven operations, reducing staff from over 10,000 to under 6,000.
Co-founder Jack Dorsey said the decision was not due to financial trouble but reflects a structural shift toward AI tools and smaller, flatter teams.
While companies and researchers maintain that AI is meant to enhance productivity rather than fully replace workers, early signs suggest the labor market is already shifting.
An AI Safety Report estimates that about 60% of jobs in advanced economies and 40% in emerging markets could be vulnerable to AI, depending on adoption patterns.
Experts say the impact will likely fall disproportionately on white-collar, digitally based roles, even as demand grows for AI-related skills such as machine learning and chatbot development.
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