![]() On March 2, 2021, Square reached an agreement to acquire majority ownership in Tidal. The company purchased approximately 3,318 bitcoins in February 2021 for a cost of around $170 million, bringing Square's total holdings to around 8,027 bitcoins (equivalent to around US$500 million in 2021, around US$190 million as of February 2023). In October 2020, Square put approximately 1% of their total assets ($50 million) in Bitcoin (4,709 bitcoins), citing Bitcoin's "potential to be a more ubiquitous currency in the future" as their main reasoning. The name "Square" derives from the company's square-shaped card readers. Co-founders Dorsey-who also co-founded Twitter-and McKelvey began developing the company out of a small office in St. The original inspiration for Square occurred to Jack Dorsey in 2009 when his friend Jim McKelvey was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards. Tidal is a subscription-based music, podcast and video streaming service that offers audio and music videos. Cash App is a mobile app that allows monetary transfers both among users and between users and businesses. Square is a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use smartphone or tablet computers as payment registers for a point-of-sale system. The company's namesake product for small businesses is still titled " Square". It has been traded as a public company on the New York Stock Exchange since November 2015 with the ticker symbol SQ.įrom its founding to December 10, 2021, the company was named Square, Inc. (formerly Square Inc.) is an American multinational technology conglomerate founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010. That group also includes stars like Rihanna, Madonna and Alicia Keys.Block Inc. Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service’s second-largest shareholder, according to Dorsey. The service has been dragged down by weak subscriber numbers - thought to be between 1 and 5 million, paltry compared to Spotify’s 345 million active users - and high turnover in its executive suite. The deal looks like a coup for Jay-Z, who had been seeking buyers for Tidal as early as 2017, as The Post previously reported. “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us,” he said. The Cash App owner plans to help Tidal musicians grow their businesses and fanbases by building collaboration tools, making it easier to sell merchandise and creating “entirely new listening experiences,” Dorsey said. “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” Jay-Z said of his new partner on Twitter, which Dorsey also leads as CEO.īut Square investors appeared unconvinced - the company’s stock price slid 1.7 percent on the news to $231.21 shortly after Thursday’s opening bell.ĭorsey contends that Square can help Tidal fulfill its mission of supporting the artists behind the more than 70 million songs available to stream on its platform, which has struggled to compete with larger rivals such as Spotify and Apple Music. ![]() ![]() The pair was spotted lounging on a yacht in the Hamptons with Jay-Z’s superstar wife Beyoncé in August before news leaked in December that they were discussing a Square-Tidal tie-up. The announcement came after Dorsey and Jay-Z dropped several hints that they were cooking something up. Jay-Z will also join Square’s board of directors once the deal closes in the second quarter of this year, the company said Thursday. The Jack Dorsey-led financial services firm will pay $297 million in cash and stock for a “significant majority ownership stake” in Tidal, which the Brooklyn-born rapper acquired for $56 million in 2015. Square has reached a deal with Jay-Z to take control of Tidal in an attempt to rejuvenate the struggling music streamer. ![]() Jay-Z returns to Spotify on his 50th birthday Rapper Jay Electronica releases debut album ‘A Written Testimony’ Square reportedly interested in buying Tidal from Jay-Z ‘C-Note’ leases – north of $100 per square foot – are enriching Manhattan ![]()
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