Fintech company Block announced a massive layoff plan. Co-founder Jack Dorsey stated that the company will cut nearly 4,000 jobs, reducing its total workforce from over 10,000 to less than 6,000, in order to move towards a leaner, flatter organizational structure centered on AI. Dorsey stated that although the company's financial situation is strong and gross profit continues to grow, artificial intelligence and smart tools are profoundly changing the way the company operates, thus requiring a comprehensive restructuring. He pointed out that large-scale adjustments carry risks, but maintaining the status quo also carries risks, and the company has conducted a comprehensive assessment of job requirements. Unlike gradual layoffs, Block chose to implement a one-time, large-scale reduction in personnel to avoid the long-term uncertainty impacting employee morale. Affected employees will receive 20 weeks of basic severance pay plus additional compensation calculated based on seniority. Following the announcement, Block's stock price rose more than 20% in after-hours trading. The company closed at $54.53 that day, with a current market capitalization of approximately $31 billion, and its stock price has fallen by about 16% over the past year.