India, Feb. 27 -- Jack Dorsey announced that his tech company Block is reducing its workforce "by nearly half" and cutting down 4,000 jobs. In a raw and transparent note shared with employees and later posted online, Dorsey revealed that the business is not in trouble and is strong, attributing the shift to increased creation, usage, and reliance on "intelligence tools." The founder detailed the severance package the company is offering, including 20 weeks of salary, while apologising to the affected employees for the "awkward and human" transition ahead.

"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. That means o...