Block, owned by Jack Dorsey, has started laying off employees this week and plans to lay off 10% of its employees by the end of 2024.

Block, the blockchain and payments company owned by Jack Dorsey, founder of Twitter (now known as Block's companies include Square Inc., Cash App and Tidal, as well as its Bitcoin-focused unit TBD. Block said on last year's earnings call that it would reduce headcount to an "absolute cap" of 12,000 by the end of the year, from 13,000 in the third quarter of 2023. Business Insider obtained a memo to Block employees last November. In the memo, Dorsey explained these plans: “Our company’s growth far exceeds business and revenue growth.” (CoinDesk)