“Many believe that data must be stored within the EU to be protected. But under GDPR it does not matter where the server is located – as long as the country meets the EU’s requirements. If it does not, data may not be sent there”.
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Block is the latest business to announce layoffs, with the operator of payment platforms Square and Cash App opting to cut jobs in favor of using more AI tools. The financial tech company, helmed by Twitter founder Jack Dorsey, is slashing its current staff of 10,000 to "just under 6,000." CNBC highlighted a letter Block sent to shareholders announcing the decision to nearly halve its workforce. According to the message from Dorsey:
Regulatory authorities worldwide, including the European Commission, the U.S. Department of Justice, and competition authorities in multiple jurisdictions, have increasingly scrutinized dominant platforms’ ability to preference their own services and restrict competition, demanding more openness and interoperability. We additionally note growing concerns around regulatory intervention increasing mass surveillance, impeding software freedom, open internet and device neutrality.