Tag: Jack Dorsey

Block, the fintech venture of former Twitter CEO Jack Dorsey, has overtaken Coinbase in market cap, underscoring the challenges facing the crypto sector as stock volatility and regulatory battles weigh down Coinbase’s performance. The crypto market capitalization is currently in a correction phase within a symmetrical triangle pattern, having dropped 12.34% after testing the triangle's upper trendline as support.

Jack Dorsey's payment conglomerate, Block, has announced its earnings results for the second quarter of 2024, revealing a notable 9% increase in Bitcoin revenue year over year. In its recent shareholder letter, Block reported Bitcoin revenue of $2.61 billion for Q2 2024, contributing to a total net revenue of $6.16 billion for the quarter. This represents an 11% growth compared to the same period in 2023.

Block, the fintech conglomerate founded by Jack Dorsey and parent company of CashApp and Square, is currently under investigation by federal authorities for alleged violations of U.S. sanctions and other regulatory non-compliance issues within its Square and Cash App units, according to an NBC News investigation. This scrutiny comes amid concerns of "widespread" compliance failures across the company's major divisions.

Block, the fintech company led by Jack Dorsey, formerly known as Square, has expanded its bitcoin mining initiatives from chip design to complete system development. Recently, Block announced the completion of its three-nanometer bitcoin mining chip and is currently refining the design in partnership with a top global semiconductor foundry. This advancement is part of a broader strategy to enhance the Bitcoin mining ecosystem.

Block's shares witnessed a remarkable surge of over 20% this week following its impressive growth and profitability announcement in Q4 2023. The FinTech giant, spearheaded by Jack Dorsey, reported a significant $5.77 billion in revenue, surpassing analysts' expectations and closing at $78.39 in after-hours trading on the NYSE on Friday, resulting in a market capitalization nearing $48 billion.

U.S. Federal authorities are delving into allegations that Cash App, a widely-used payment application, may have failed to implement effective procedures for verifying the true identity of its users, potentially facilitating money laundering and terrorist financing. This scrutiny follows claims from two whistleblowers, who assert that Cash App and its transaction service providers have conducted insufficient customer due diligence.

London-based fintech SumUp (website), a rising star in the payments industry, has recently secured a significant financial boost. The company successfully raised €285 million in a round led by Sixth Street Growth and Bain Capital Tech Opportunities. This funding round not only injects fresh capital into SumUp but also elevates its valuation above the €8 billion mark achieved in the summer of 2022. It seems as if the fintech hype is back again!

In a pivotal turn of events for Jack Dorsey, the tech mogul is stepping up to take a more hands-on role at his fintech firm, Block, following a significant departure within the company. This shift comes amid a challenging period for Block, formerly known as Square, a unit within the company and a once-booming player in the payments industry. Dorsey's low-profile management style is under scrutiny as Block faces intense pressure.

Bob Lee, the 43-year-old former chief technology officer of Square who helped launch Cash App, has died after an apparent stabbing attack. Video footage shows that he walked up an empty San Francisco street in the early hours of Tuesday, gripping his side with one hand and his cell phone in the other, leaving a trail of blood behind him. "Help!" he screamed into his phone. "Someone stabbed me." It was too late. He later died in the hospital!

Shares of Block, which was attacked by short-seller Nathan Anderson and his at Hindenburg Research, failed to recover after the release of the disastrous report on Thursday. The report accuses Block of systematic crime facilitation, misrepresentation, and investment fraud. Block co-founder Jack Dorsey’s net worth plunged by $526 million. He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.

Block (previouslySquare) is an NYSE-listed $44 billion market cap company established and controlled by Twitter co-founder Jack Dorsey. After...