Financial payment processing firm Block Inc., co-founded by Twitter creator Jack Dorsey, has reportedly laid off more than 1,000 staff members. According to a Jan. 30 Business Insider report, Block fired a “large number of [its] teammates” in a single day to streamline operations at the financial firm. The layoffs affected staff in the Cash App, Foundational and Square arms of Block, affecting roughly 10% of company employees. The staff cuts came roughly two months after Block announced plans to launch a self-custody Bitcoin (BTC) wallet. The firm reported $5.62 billion in revenue for the third quarter of 2023, with $44 million in profit on its Bitcoin holdings.
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