Block is cutting thousands of jobs as it shifts more of its work towards artificial intelligence. The move was announced by the company’s co-founder, who also co-founded Twitter. He said the changes are part of a wider restructuring.

The company did not give further details about which roles would be affected. It said the decision reflects a growing focus on AI across its operations. The co-founder said he believes most companies will make similar changes “within the next year”.

Many technology firms are increasing investment in AI tools and systems. Some have reduced staff as they reorganise their businesses around new technology. Block’s decision follows this wider trend in the technology sector.