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Jack Dorsey’s Block is reducing its investment in TIDAL, the music streaming platform formerly owned by Jay-Z, according to Shareholders’ letter Thursday. Block is also shutting down TBD, the Bitcoin-focused arm of the company that previously set out to build a decentralized internet, dubbed “Web5.” These cuts will free up the company to invest in Bitcoin mining and its cryptocurrency portfolio.
“We are working to reduce our investment in TIDAL and reduce its size to be determined,” Block said in the letter. “This gives us room to invest in our Bitcoin mining initiative, which has market fit products and a healthy demand pipeline, and in Bitkey, our self-custodial Bitcoin wallet.”
This is the latest cost-cutting effort at the company behind Square and Cash. The bloc has laid off staff in recent weeks, according to luckHe apparently asked employees not to discuss board member Jay-Z in emails or Slack messages.
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