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Meet man who once led Elon Musk's company, has Rs 32579 crore net worth, now laying off over 900 employees from...
His company provides mobile payment services for consumers, as well as point-of-sale hardware and software for businesses.
Updated : Mar 27, 2025, 08:57 PM IST
 "Meet man who once led Elon Musk's company, has Rs 32579 crore net worth, now laying off over 900 employees from...")
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Jack Dorsey's financial technology company, Block, has laid off over 900 people, roughly 8 per cent of the company's staff, TechCrunch reported. The decision was announced to staff in an email from Block CEO Dorsey himself. Dorsey is a billionaire who once led X (formerly Twitter) for six years from 2015 to 2021. The microblogging site is now owned by the world's richest man, Elon Musk. Dorsey stepped down from the board of X in May 2022. He co-founded Twitter (X) in 2006 with Ev Williams, Biz Stone and Noah Glass, and was CEO until 2008 and then returned in 2015.
Dorsey co-founded Block with Jim McKelvey in 2009 as Square. It was renamed Block in December 2021. Block owns Cash App and Square. The company provides mobile payment services for consumers, as well as point-of-sale hardware and software for businesses. The 48-year-old has a real-time of USD 3.8 billion or Rs 32579 crore, as per Forbes. In 2020, he promised to give away USD 1 billion (then 28% of his net worth) to Covid-19 relief and other causes. He has donated USD 635 million so far, the magazine stated. For the unaware, Dorsey dropped out of college twice -- first from the University of Missouri-Rolla and later from New York University.
Block layoffs
Dorsey emphasised that the layoffs are not financially motivated or aimed at replacing workers with artificial intelligence. Rather, he stated that Block is cutting the roles owing to shifting strategic needs while "raising the bar and acting faster on performance". The recent round of layoffs follows a similar restructuring in early 2024, when around 1,000 employees were let go, TechCrunch reported.. As of December 2024, the company had around 11,300 staff members worldwide.
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