Jack Dorsey

And Jack Dorsey, the chairman and co-founder of Block, said he's cutting 40% of the payments company's workforce, or more than 4,000 employees.

Dorsey alluded to AI tools as the reason for the cuts in a letter to shareholders, saying they've changed what it means to build and run a company.

Block owns Square and Cash App.

In a memo to staff, Dorsey explained he chose an immediate major cut over gradual layoffs, arguing the latter is destructive to morale and to the trust of customers and shareholders.

And that's your TMB Tech Minute.

We'll be back this afternoon with more.