In summary, Jack Dorsey, co-founder of Twitter, announced that his payment company Block (SQ) plans to focus on building equipment for Bitcoin miners and its self-hosted encryption wallet. This decision comes after abandoning the creation of a new decentralized Internet called “Web5” and reducing investment in music streaming application Tidal.
The announcement came the same week that Trump won the US presidential election, promising a more cryptocurrency-friendly environment in the US. Block’s third-quarter financial results showed revenue of $5.98 billion, missing Wall Street analysts’ average estimate of $6.24 billion, which led to a 10% drop in the company’s stock price.
