AI "fundamentally changes what it means to build and run a company" - Dorsey

Twitter co-founder Jack Dorsey's technology firm Block (formerly known as Square) is cutting almost half of its workforce in the wake of AI (reducing its headcount by almost 4,000).

Stock price surged by 20%-24% in wake of the announcement, reflecting confidence in the restructuring.

Sidebar - Square is now part of Block's portfolio of products, which include Cash App, Clear Pay and Tidal - the latter which portrays as a premium music streaming service competing with Spotify.

Dorsey predicts more change to companies is on the way - and added "I think most companies are late" (to to the realisation of AI's impact).

Some pundits have accused Dorsey of "AI washing" - using AI as a cover for managerial failures including over-hiring - citing the restructuring of Twitter by Musk as a case in point. Others have pointed to "crypto winter" with Bitcoin losing a quarter of its value since the start of the year.

Block's investor relations website can be found here.  Its stock price history can be found here.