Jack Dorsey’s Tidal lays off over 10% of workforce, HR News, ETHRWorld

The majority of the company is owned by tech billionaire Jack Dorsey-led digital payments company Block.

Tidal‘s layoffs are part of Block’s declared goal of limiting its entire employment count to 12,000. Block, formerly known as Square, had 12,428 full-time employees worldwide as of December 31, 2022, reports Variety.

The news was first reported by Bloomberg.

“We can confirm, as part of Block and its recent announcement to cap the number of employees at the company to focus on business growth, Tidal has carefully considered how to right-size our team to ensure we are able to continue to build and invest in critical areas of the business,” Sade Ayodele, head of global communications for Tidal, was quoted as saying.

“We do not take these decisions lightly, and we are sincerely grateful for the contributions of our impacted teammates,” she added.

As mentioned in the report, the latest cut includes “a portion of the curation team that builds playlists”.

Tidal was formed in 2015. In 2021, Dorsey’s Block acquired a majority stake in Tidal. Block owns 87.5 per cent of the equity in Tidal.

Earlier this week, music streaming giant Spotify announced to eliminate about 17 per cent of its workforce across the company as it…