Block Inc. Lays Off 4,000 Employees, Stock Jumps 25%

• Block Inc., co-founded by Jack Dorsey, announced the layoff of over 4,000 employees, nearly half its workforce.
• Following the announcement, Block's stock surged 25% in extended trading on Wall Street.
• Affected employees will receive 20 weeks of salary, equity, six months of healthcare, and a $5,000 transition fund.
• The company expects to incur up to $500 million in charges due to severance and benefits.
• Dorsey stated the decision is for long-term growth and efficiency, not financial trouble, citing new intelligence tools.