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Anushka Dutta

After Major Layoffs, Block Stock Is Staging a Turnaround. CEO Jack Dorsey Says AI Is Leading the Way.

Block Jack Dorsey Stock Bitcoin Square

Fintech firm Block (XYZ) announced sweeping layoffs in February, cutting down more than 4,000 employees of its 10,000-plus strength. The reason given was pretty clear for everyone: artificial intelligence (AI). Jack Dorsey, Block’s CEO (who also happens to be the co-founder of Twitter, now X), had the vision that a smaller team using the company’s AI-based tools would drive in greater efficiency.

Investors rejoiced at this news, leading to a resurgence in the stock from its 52-week lows. After Block reported its Q1 results on May 7, the stock jumped 6.7% the next day, as the company highlighted its reliance on AI to drive solid results, especially robust margin expansion. This gave investors confidence that Block is doing just fine after the layoffs.

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