Jack Dorsey’s company ‘Block’ is laying off 4,000 employees to cut costs by adopting AI. The company’s total workforce will be reduced from 10,000 to 6,000. This decision has been taken due to AI taking over the work.
AI Impact Alert: American fintech company ‘Block’ has announced a major layoff for its employees. It is reported that about 4,000 people will lose their jobs. ‘Block’ is the company of former Twitter CEO Jack Dorsey. The company says that the increasing interference of Artificial Intelligence (AI) technology is one of the main reasons behind this big layoff. The company believes that many of the tasks that were previously done by humans can now be done more quickly and accurately with the help of AI tools. Jack Dorsey made it clear that even though the company is profitable, the number of employees will have to be reduced in the new era.
He has also promised to provide good benefits to the people being fired from their jobs. Jack Dorsey said that by increasing the use of AI in areas like customer service and engineering, the company can significantly reduce its operational expenses. “I don’t think we are taking this decision quickly,” he said. I believe other companies are delaying laying off people.
He also said that this is the most difficult decision in the history of his company. Block had already announced that it would limit the number of employees in its company. At present, the company has 10,000 employees, which will be reduced to 6,000. Economic experts believe that as the AI revolution accelerates in the technology sector, more global tech companies may make similar layoffs in the coming days.