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Block scales back TIDAL investment and shutters TBD in favor of Bitcoin mining
Jack Dorsey's Block is scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z, according to a shareholder letter on
Jack Dorsey’s Block is scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z, according to a shareholder letter on Thursday. Block is also shutting down TBD, a Bitcoin-focused arm of the business 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 crypto wallet. Block laid off staffers in recent weeks, according to Fortune, and apparently told employees not to discuss their board member, Jay-Z, in emails or Slack messages.
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