Block Layoffs - What's really going on?

So, Block just announced a massive layoff, over 4,000 people. The official line is about 'efficiency gains' and 'restructuring,' but everyone's whispering about how they're supposedly making room for new tech. I've seen a lot of chatter online from people who used to work there saying that the 'efficiency' argument doesn't quite add up with the actual work they were doing. Feels like a convenient excuse to cut costs. Anyone else have insider info or thoughts on this? Seems like a huge chunk of the company is gone overnight. Wondering what this means for the remaining employees and the company's direction. Is this the new norm in fintech? Feels like we're all just numbers sometimes, easily replaced. Super stressful to see this happening.