Bad news for employees of Block: Jack Dorsey co-founder of Twitter and CEO of fintech company Block has recently announced a massive layoff in his fintech startup Block. Laying off 931 employees which is approximately 8% of Blocks workforce the company has decided to go for a massive layoff said to be the second biggest layoff of the year. In his email to staff that is going viral the Twitter cofounder explained that the decision was aimed at strategic realignment enhancing performance and flattening the companys hierarchy. Here are all the details you need to know about the recent layoff news. In his mail to employees Dorsey emphasized that these layoffs were not driven by financial targets replacing employees with AI or altering the companys headcount cap. Making some org changes including eliminating roles and beginning the consultation process in countries where required a leaked email to TechCrunch quoted Dorsey as saying. Dorsey clarified that the layoffs were not motivated by immediate financial goals the intention to replace human workers with artificial intelligence nor a change in the companys overall hiring limits. Alongside the staff reductions Block is also eliminating 748 unfilled job openings. This freeze on hiring excludes positions where offers have already been extended crucial operational roles and key leadership positions. Furthermore 193 managers within the company will be transitioned to individual contributor roles. Twitter founder Jack Dorsey quits Bluesky board confirms company In a event from last year Jack Dorsey who founded Twitter (now called X) quit the board of Bluesky a decentralised social media platform he also helped co-founded. The company said in a post that it is now searching for a new board member. “With Jacks departure we are searching for a new board member for the Bluesky public benefit company who shares our commitment to building a social network that puts people in control of their experience” Bluesky said on its own platform. Dorsey-backed Bluesky an alternative to Twitter/X reached two million users in November last year. (With inputs from agencies)