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Block becomes the latest fintech to lay off workers
Block, whose subsidiaries include Cash App and Square, is laying off employees, according to an internal memo.
And Treasure Financial, a platform offering cash management software for businesses, let 14 employees go, leaving the company with about a third of its former workforce. Square stock retreated around 30% from January 2023 to October as Block founder Dorsey took the reigns from ex-Square head Alyssa Henry. Block’s recent attempts to reinvigorate business include adding generative AI features to Square, acquiring music-focused fintech startup Hifi and launching a self-custody Bitcoin wallet, Bitkey, in the form of a mobile app and hardware storage.
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