Block, Inc. will cut more than 4,000 employees, reducing its workforce by nearly half as the company restructures around artificial intelligence and a leaner operating model.

The layoffs, announced Thursday in a shareholder letter, will shrink headcount from more than 10,000 to just under 6,000. Co-founder and CEO Jack Dorsey said the move reflects a shift in how the company builds products and runs teams as it integrates internal AI tools across the business.

“Today we’re making one of the hardest decisions in the history of our company,” Dorsey wrote in a note to employees. “We’re reducing our organization by nearly half.” He said the company considered making…

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