BLOCK ANNOUNCES LAYOFFS OF 4,000 PEOPLE, OVER 40% CUT

Summary from the TLDR Dev newsletter

Block is laying off over 4,000 employees, nearly 40% of its total workforce. Jack Dorsey, the CEO, stated the drastic cut was due to AI fundamentally changing how the company builds and operates. Block's stock soared by nearly 25% in after-hours trading following the announcement.