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Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

Economic Times

Economic Times · 1y ago

Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

According to a report, Jack Dorsey's fintech firm, Block, has let go of almost 1,000 employees in a significant downsizing move. The downsizing effort is said to be a result of the company's plans to pivot away from its original cryptocurrency business and focus on building a decentralization platform. Block's decision to lay off employees signals a shift in its strategic direction and reflects the evolving landscape of the fintech industry.

Related News

Healthify lays off 150 employees to make India business profitable

Livemint

Livemint · 1y ago

Healthify lays off 150 employees to make India business profitable

HealthifyMe, a health and fitness firm, has laid off 150 employees as part of its restructuring effort to make its India business profitable and expand in the US market. The CEO, Tushar Vashist, stated that the goal is to achieve profitability in India in the next few months while ensuring enough resources for global expansion. This is the third round of layoffs for the company in the past two years. HealthifyMe had about 1,000 employees prior to this restructuring. Severance packages, insurance coverage, and job placement assistance have been provided to the affected employees.

Crypto giant Binance lays off 1,000 employees amid regulatory pressure and federal investigations

IndianStartupNews

IndianStartupNews · 2y ago

Crypto giant Binance lays off 1,000 employees amid regulatory pressure and federal investigations

Cryptocurrency giant Binance has reportedly laid off over 1,000 employees in recent weeks. The development comes amidst the firm's ongoing legal confrontations and regulatory challenges in the United States, according to a Wall Street Journal report.

Physics Wallah lays off 120 employees

Economic Times

Economic Times · 1y ago

Physics Wallah lays off 120 employees

Edtech startup Physics Wallah is considering laying off 70-120 employees, representing less than 0.8% of its workforce, due to performance concerns. The company plans to hire 1,000 additional employees in the next six months. Physics Wallah, which offers coaching for engineering and medical entrance exams, became a unicorn last year after raising $100 million in funding. It aims to generate a revenue target of Rs 2,500 crore in FY24, with Rs 1,900 crore from its core operations.

Inside Twitter's first-ever company retreat: Jack Dorsey's parents posed for selfies, Elon Musk was a no-show, and employees meditated with the billionaire founder

Business Insider

Business Insider · 1y ago

Inside Twitter's first-ever company retreat: Jack Dorsey's parents posed for selfies, Elon Musk was a no-show, and employees meditated with the billionaire founder

The article describes Twitter's first-ever company retreat, where CEO Jack Dorsey led a meditation session and shared his personal lifestyle practices, including starting the day with a special "wake-me-up" cocktail. The event aimed to boost morale and unity among employees after challenges faced by the company. Dorsey's parents also participated, becoming celebrities within the company. However, a planned appearance by Elon Musk didn't materialize. The retreat seemed to have a positive impact, with increased enthusiasm, collaboration, and retention reported amongst employees.

Unacademy lays off 250 employees

Inshorts · 1y ago

Unacademy lays off 250 employees

Edtech unicorn Unacademy has laid off 250 employees across several departments, media reports said. Around 100 laid-off employees were from core functions like marketing, business and product, while the rest were from sales. "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise," an Unacademy spokesperson said.

Simpl Lays Off Around 100 Employees, Eyes Profitability By Mid 2025

Inc42 · 1y ago

Simpl Lays Off Around 100 Employees, Eyes Profitability By Mid 2025

Bengaluru-based fintech startup Simpl has laid off around 100 employees in a recent restructuring exercise. This is the second round of layoffs for the company in the past year. The CEO and co-founder stated that the decision was made to improve operational efficiencies and reduce costs. The company aims to achieve profitability by mid-2025. Impacted employees will receive severance pay of two months and an additional 15 days salary for each year spent at Simpl. The company is also extending medical insurance and outplacement services to affected employees.

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

Startup News FYI

Startup News FYI · 1y ago

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.

Why Jack Dorsey's failure led to Elon Musk's arrival at Twitter

Business Insider

Business Insider · 1y ago

Why Jack Dorsey's failure led to Elon Musk's arrival at Twitter

Elon Musk's acquisition of Twitter caused chaos and revealed how Jack Dorsey ran the platform. The book "Battle for the Bird" by Kurt Wagner explores the connection between Dorsey's tenure and Musk's arrival. Elliott Management's attempt to replace Dorsey in 2020 soured his attitude towards running Twitter, making him more receptive to Musk's involvement later on. Dorsey was described as hands-off, with many decisions being made by others. The book also discusses the lack of a solid plan from Musk when he bought Twitter, disappointing those who expected his innovative prowess to improve the platform.

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Money Control

Money Control · 1y ago

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Chennai-based SaaS firm Kissflow has laid off 15% of its workforce, affecting around 45-50 employees across sales, marketing, and product development. The layoffs resulted from shifting product strategies and annual performance reviews. Before the cuts, the firm employed over 400 people, with affected staff in India, the US, and the UAE. Kissflow offers cloud-based no-code and low-code work management products.

Amazon competitor Zulily curtails operations, lays off hundreds

Economic Times

Economic Times · 1y ago

Amazon competitor Zulily curtails operations, lays off hundreds

Zulily, a former competitor of Amazon, is reportedly laying off hundreds of employees and shutting down operations. The company will lay off 292 workers in Washington and close its headquarters and several other facilities. Additionally, warehouses in Nevada and Ohio will be closed, resulting in 547 more layoffs. This follows previous rounds of layoffs and the resignation of Zulily's CEO. Zulily, which went public in 2013 and had a market value of $7 billion in 2014, was purchased by Liberty Interactive-QVC in 2015 and later sold to private equity firm Regent.

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