After resigning as CEO of Twitter, Jack Dorsey is apparently taking the reins at Square. His fintech company will change its name to Block, to highlight its shift to blockchain tech.
“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” a statement from the company wrote.
Not to get all meta on you… but we’re going to! Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.
— Square (@Square) December 1, 2021
Dorsey, Square’s CEO and the former CEO of Twitter, is a known Bitcoin enthusiast. For instance, in October, he warned about the perils of hyperinflation and pointed to Bitcoin as a solution.
The company will legally change its name on about December 10th, they said. Its stock symbol SQ, however, will not change at this time.
Block will own the payment company Square, popular payment app CashApp, music service Tidal and a Bitcoin business TBD.
The move comes about a month from when Facebook changed its name to Meta. Just like in the case of Facebook, the payment system Square will retain its original name. This makes Square the second major tech company that changed its name this year.
Interestingly, Dorsey himself took shots at Meta as it announced its name change. He even called it the “Central Intelligence Corporation.”
The move is intended to highlight Square’s shift to blockchain tech. In fact, the company is already delivering. In particular, on Wednesday, Square’s CashApp announced it will support payments in Bitcoin.
— Bitcoin Magazine (@BitcoinMagazine) December 1, 2021
Dorsey Leaves Twitter
The move comes days after Dorsey resigned as the CEO of Twitter, leaving the company in the hands of Parag Agrawal.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said.
I love twitter
— jack⚡️ (@jack) November 28, 2021
Dorsey’s resignation sent the stock up to $49.6, as activist investors cheered his removal. However, the stock has suffered in the wake of the tech sell off, closing below at $43 on Wednesday.
On the other hand, some users did not welcome the change. In particular, a day after Dorsey resigned, Twitter implemented new rules on privacy. Specifically, the platform will now ban sharing images of private individuals without their consent.
Beginning today, we will not allow the sharing of private media, such as images or videos of private individuals without their consent. Publishing people's private info is also prohibited under the policy, as is threatening or incentivizing others to do so.https://t.co/7EXvXdwegG
— Twitter Safety (@TwitterSafety) November 30, 2021
One of those Twitter users was Elon Musk, apparently. Musk poked fun at the leadership change, alluding to Twitter trying to distance itself from its “eccentric” CEO Dorsey.
However, if Dorsey manages to amass even half as loyal supporters as Musk did, Square – or Block, will do very well.