02:55 PM EDT, 03/26/2025 (MT Newswires) -- Block (XYZ) plans to cut over 930 employees and move nearly 200 managers to non-management roles, The Guardian reported Wednesday, citing an internal email sent by co-founder Jack Dorsey on Tuesday.

The company will also close nearly 800 open positions, according to Dorsey's email, as reported by the news outlet.

The restructuring is intended to enhance efficiency and decision-making rather than meet financial targets or alter the company's headcount limit, the report added.

Block didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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