Block, Twitter founder Jack Dorsey’s fintech company, announced plans Thursday to eliminate approximately 4,000 positions, representing 40 percent of its total workforce, as AI capabilities prompt a fundamental restructuring of how the company operates.
Former Twitter CEO Jack Dorsey’s payment processing firm Block suffered a stock price drop of 15 percent this week after claims by Hindenburg Research that the company has facilitated fraud and inflated its user numbers. Researchers were reportedly able to set up a Cash App account in the name of former President Donald Trump, and even secure a Cash App card with his name on it.
Hackers are reportedly gaining access to unsuspecting users’ Cash App accounts and draining their cash balances, according to Vice News. The Cash App is a popular mobile payment service developed by Block (formerly Square), run by former Twitter CEO Jack Dorsey.
A Facebook bug allowed blocked users to send messages to accounts which had blocked them for eight days, before the bug was fixed.
