San Francisco, Feb. 27 -- American financial technology company Block is reducing its workforce by nearly half as artificial intelligence tools increasingly take over core functions within the company, Founder Jack Dorsey said in a social media post on Friday.

Dorsey announced that the company will shrink from over 10,000 employees to just under 6,000, impacting more than 4,000 staff members who will either be asked to leave or enter into consultation.

"Today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000," Dorsey wrote in a social media post on Friday.

He clarified that the decision was not driven by financial distress...