Dorsey also serves as chief executive officer and Amrita Ahuja serves as chief financial officer. įor the fiscal year 2018, Square reported losses of US$38 million, with an annual revenue of US$3.299 billion, an increase of 49.0% over the previous fiscal cycle.īlock was co-founded by Twitter creator Jack Dorsey under the name Square. Although the firm was yet to make a profit as of 2015 and had lost $420 million since 2012, it had decreased its losses from 44% of revenues to 16% in the six months leading up to its IPO.
SQUARE VIDEO SERIES
The series E funding shares had different rights than the common shares sold at the IPO, therefore the $6 billion 'valuation' from October 2014 is wrong. On November 19, 2015, Square had its IPO on the New York Stock Exchange with an initial valuation of $2.9 billion, down by more than half from its last valuation in October 2014 at $6 billion. The company's valuation in October 2014 was $6 billion.
In early 2017, the Sprint Corporation purchased 33% of the company for $200 million and then in 2021 Square Inc. Aspiro was purchased by Jay-Z in 2015 for $56 million. Tidal was first launched in 2014 by a Norwegian company called Aspiro. Tidal was founded on the basis of artists getting paid rightfully for their work, meaning fully and directly instead of through traditional means. Tidal is a digital music streaming service that gives users access to over 80 million songs from genres and artists across the world. On January 31, 2022, Block completed its acquisition of Afterpay. However, on December 16, less than a week into the rebrand, H&R Block, sued the company for trademark infringement, claiming that the name seeks to confuse customers by misappropriating the Block brand name, which H&R owns. On December 10, 2021, the name change took effect, and Square, Inc. The change was announced shortly after Dorsey resigned as CEO of Twitter. On December 1, 2021, Square announced that it would change its company name to Block, Inc. Jay-Z, as well as other artists who currently own stock in Tidal will remain stakeholders. Square will pay $297 million in cash and stock for Tidal, with Jay-Z joining the company's board of directors. On March 2, 2021, Square reached an agreement to acquire majority ownership in Tidal. The company purchased an additional $170 million worth of Bitcoin (approximately 3,318 bitcoins) in February 2021, bringing Square's total holdings to almost $500 million in Bitcoin (total approximately 8,027 bitcoins).
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. Ĭo-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 Jim McKelvey (a friend of Dorsey) 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 tablet computers as payment registers for a point-of-sale system. The company's namesake product for small businesses is still titled " Square". Prior to December 10, 2021, the company was named Square, Inc. It has been traded as a public company on the New York Stock Exchange since November 2015 with the ticker symbol SQ.
The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010. Block, Inc., formerly Square, Inc., is an American financial services and digital payments company based in San Francisco, California.
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