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Block lays off 931 employees

Bitcoin company Block is laying off 931 employees, which amounts to about eight percent of its workforce.

By Mike Hesp
• 2 min read
Block lays off 931 employees

Bitcoin company Block is laying off 931 employees, which amounts to about eight percent of its workforce. reports TechCrunch based on internal sources.

The employees received the news via an email from CEO Jack Dorsey himself. In it he writes: “This is the hardest part of my job, and I am struggling with this decision.”

According to Dorsey, people are not being fired to make way for artificial intelligence (AI). But: “The bar is being raised and performance is becoming more important than ever.”

Dorsey addressed a personal word of thanks to the departing colleagues: "Thank you to everyone who is leaving us. I am grateful for your efforts and recognize the value of your contribution to us so far." Block now wants to focus even more on increasing value for customers and shareholders, including employees.

Block (XYZ) stock has fallen five percent over the past five days. On an annual basis, the share has even fallen by 30 percent.

Block is active as a payment service provider and develops, among other things, the Bitcoin app Cash App. In 2022, that app added various crypto functions. Users can not only buy Bitcoin, but also carry out transactions very quickly thanks to integration with the Lightning Network.

Jack Dorsey is a beloved figure within the Bitcoin community. Rumors have been circulating for some time about a possible link between him and Satoshi Nakamoto, the mysterious creator of Bitcoin. Dorsey has been known as one of Bitcoin's biggest proponents since its early years. When asked on Lex Fridman's podcast in 2020 if he is Satoshi, he replied: "No. And if I was, would I tell you?"

The true identity of Satoshi Nakamoto has been the subject of speculation for years. Names that are mentioned more often are Hal Finney, Adam Back and the American cryptographer Nick Szabo. A much-discussed – and criticized – HBO documentary claimed in 2024 that computer scientist Peter Todd was the man behind the pseudonym.

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