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 Thursday. Block is also exiting TBD, its Bitcoin-focused business unit that previously began building a decentralized internet called “Web5.” These cuts will allow the company to invest in Bitcoin mining and cryptocurrency wallets.
“We are reducing our investment in TIDAL and reducing TBD,” Block said in the letter. “This creates room to invest in Bitcoin mining initiatives and Bitcoin self-custodial wallet Bitkey, which have strong product-market fit and a healthy demand pipeline.”
This is the latest cost-cutting effort from the company behind Square and Cash App. According to Fortune, Block has laid off employees in recent weeks and appears to have instructed them not to discuss board member Jay-Z in emails or Slack messages.
