Jack Dorsey's Block will wind down its investment in TIDAL, the music streaming platform formerly owned by Jay-Z, according to a shareholder letter Thursday. Block will also shut down TBD, a Bitcoin-focused business unit that previously sought to build a decentralized internet called Web5. These reductions will free the company to invest in Bitcoin mining and cryptocurrency wallets.
“We plan to reduce our investment in TIDAL and reduce TBD,” Block said in the letter. “This gives us the scope to invest in Bitcoin mining initiatives with strong product market fit and a healthy demand pipeline, as well as Bitkey, our Bitcoin self-custody wallet.”
These are the latest cost-cutting efforts at the company behind Square and Cash App. In recent weeks, Bullock has fired employees and appears to have told them not to discuss executive director Jay-Z in emails or Slack messages, according to Fortune.