Technology
Block limits TIDAL investments and closes TBD decision in favor of Bitcoin mining
Jack Dorsey’s Block is reportedly scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z. shareholder’s letter on Thursday. Block can be shutting down TBD, the corporate’s Bitcoin-focused division that previously got down to construct a decentralized Internet, dubbed “Web5.” These cuts will allow the corporate to speculate in its Bitcoin mining and cryptocurrency portfolio.
“We are reducing our investment in TIDAL and liquidating TBD,” Block said in the letter. “This gives us space to invest in our bitcoin mining initiative, which has good product market fit and a healthy demand pipeline, as well as Bitkey, our bitcoin self-management wallet.”
Here’s the newest effort by the corporate behind the Square and Cash apps to chop costs. According to. Block has laid off employees in recent weeks Fortuneand apparently told employees not to debate board member Jay-Z in emails or Slack messages.