Trending Now - Block's Layoffs Spark Formation of 'square Mafia' Community

WHO:

Jack Dorsey, CEO of Block

Block, a financial technology company formerly known as Square

3,807 former Block employees in a Slack group called "Square Mafia"

Marc Benioff, CEO of Salesforce

WHAT:

Block announced layoffs of 4,000 employees, nearly half of its workforce of 10,000, on February 25, 2026.

Dorsey stated that advances in AI were a driving force behind the layoffs.

Block's stock price increased by 20% following the layoff announcement.

The "Square Mafia" Slack group serves as a networking and support channel for former Block employees.

Members of the "Square Mafia" shared job referrals, LinkedIn profiles, and discussed benefits like 401(k)s and healthcare.

WHERE:

Block is a financial technology company based in the United States.

The "Square Mafia" Slack group is an online community for former Block employees.

WHEN:

Layoff announcement made on February 25, 2026.

The "Square Mafia" group was created in February 2016.

A member noted that Friday, March 4, 2026, would be their last working day for those on H-1B visas, with a 60-day deadline to secure new employment.

WHY:

Dorsey cited AI advancements as a reason for the layoffs, stating that a smaller team could be more productive using AI tools.

Other factors included a weak cryptocurrency market, overstaffing, and a declining stock price, with Block's stock having declined by approximately 35% since October 2025.

The company has focused heavily on cryptocurrency, with estimates of its bitcoin holdings around 8,500 BTC.

HOW:

Dorsey communicated the layoffs through a letter to shareholders.

The "Square Mafia" Slack group was created for former employees to connect and support each other after leaving the company.

Block, the financial technology company formerly known as Square, announced on February 25, 2026, that it would lay off 4,000 employees, nearly half of its workforce, a decision driven by advancements in AI and other market challenges. Following the announcement, Block's stock price surged by 20%, while many former employees have turned to a Slack group called "Square Mafia" for networking and support as they navigate their job searches. As of today, March 4, 2026, some members of this group are facing a deadline to secure new employment due to visa constraints, marking a significant transition for those affected.