Wu says that Jack Dorsey announced that Block will cut nearly half of its employees, reducing the workforce from over 10,000 to less than 6,000, with more than 4,000 employees leaving or entering negotiations. Dorsey stated that the company's financial situation is stable and gross profit continues to grow. This move is not due to operational difficulties but is based on the belief that AI and intelligent tools are transforming organizational operations. The company needs to shift to a more "small-scale, flat, and intelligence-centered" structure, hence the decision to make a one-time adjustment rather than phased layoffs.