Jack Dorsey’s Square is investing $5 million in building a bitcoin mine that runs on solar power

Jack Dorsey
Twitter CEO Jack Dorsey speaking at CES tech conference in 2019

  • Square is working with bitcoin technology company Blockstream on creating a sustainable bitcoin mine.
  • Square will invest $5 million in the open-source project, while Blockstream will provide infrastructure.
  • Jack Dorsey and Square have argued bitcoin could drive a positive impact on the environment.
  • See more stories on Insider’s business page.

Jack Dorsey-led Square is investing $5 million into building a bitcoin mine that runs on solar power, teaming up with bitcoin technology company Blockstream on the project as debate over crypto’s environmental impact intensifies.

While digital payments company Square is backing the project financially, Blockstream is providing infrastructure and expertise for the renewable-energy bitcoin-mining facility. It will be developed at one of Blockstream’s existing crypto-mining sites in the US and be designed to function as a “proof-of concept” to demonstrate that bitcoin mining can be sustainable.

“We hope to show that a renewable mining facility in the real world is not only possible, but also prove empirically that Bitcoin accelerates the world toward a sustainable future,” Blockstream said in a joint statement on Sunday.

Twitter creator and Square CEO Jack Dorsey has argued that bitcoin encourages global moves toward sustainability and renewable energy, and the project is part of the digital payments company’s Bitcoin Clean Energy Initiative.

“Together, we’ll be creating a public-facing dashboard to serve as a transparent case study for renewable energy and bitcoin mining. As we continue to explore the synergies between the two, we’re excited to share our ongoing learnings and real-world data points.” Square said on Twitter.

The project will be open-source, meaning that the code and process behind it will be publicly accessible. All associated economic data will also be shared. The partners said they hope the “open and transparent nature” of the effort will provide a model for other businesses.

The impact of bitcoin mining on the environment is a hotly debated topic in the cryptocurrency industry. Each bitcoin transaction, purchase or sale adds to the blockchain network which therefore requires a constantly increasing amount of energy.

While bitcoin fans share Dorsey’s view and argue that bitcoin mining mostly runs on renewable energy, critics say that the environmental impact is detrimental and contributes to climate change, among other issues.

In April, Square published a report with Cathie Wood’s Ark Invest saying that the bitcoin network could function as “unique buyer energy” that paves the way for renewable, sustainable-energy-based approaches to crypto mining.

Environmental concerns are said to be part of the reason for China’s recent crypto crackdown. The vast majority of crypto is mined in China, driving up energy demand in the country and therefore making it difficult for China to reach its net zero emissions by 2060 target.

Read the original article on Business Insider

Jack Dorsey and Michael Saylor headlined the sold-out Bitcoin 2021 Miami conference. Here are their 12 best quotes from the event.

Saylor,Dorsey
  • Jack Dorsey and Michael Saylor were among the headliners at the star-studded Bitcoin 2021 Miami conference.
  • The pair discussed ESG concerns, how they got into bitcoin, and why they believe it is the digital currency of the future.
  • Insider compiled the best quotes from the Twitter and Microstrategy chief execs.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Twitter and Square CEO Jack Dorsey and Microstrategy CEO Michael Saylor headlined the sold-out Bitcoin 2021 Miami conference on Friday along with a star-studded lineup that included everyone from Tony Hawk to Floyd Mayweather Jr.

In front of 12,000 attendees, with thousands more watching online, the two discussed why they are so bullish on bitcoin, how they got started in the business, their thoughts on recent ESG concerns, and much more.

Here are Saylor and Dorsey’s 12 best quotes from the interviews, lightly edited and condensed for clarity:

Jack Dorsey

  1. “For me, bitcoin changes absolutely everything. What I’m drawn to most about it is the ethos, what it represents. The conditions that created it are so rare and so special and so precious and I don’t think there’s anything more important in my lifetime to work on. I don’t think there’s anything more enabling for people around the world.”
  2. “Whatever I can do, whatever my companies can do to make it more accessible to everyone is how I want to spend the rest of my life. If I were not at Square or Twitter I’d be working on bitcoin. If it needed more help than Square and Twitter, I would leave them for bitcoin. But I think both companies have a role to play.”
  3. “They’re missing everything. They’re not getting out of New York, they’re not getting out of the country, they’re not talking to people. Go to Nigeria for one day and see the struggle that people have to put up with, with their government and with their money. Go to Ghana that has a bunch of transplants from all over the continent and you witness the same thing every single day. Go to India and you’ll see the same.”
  4. “Everything about it is why we’re into it. There’s nothing else that compares to it. And we have no interests other than making sure we are building a native currency for the internet and helping in every way that we can. So all the other coins to me, don’t factor in at all.”
  5. “You just look at the economics of it and, you know, ultimately miners have to make a profit and getting cheap renewable energy maximizes their potential for profit, it’s really that simple. I thought I had some agreement with some notable figures out there and then that seemed to change in a matter of a few weeks…but I believe fully that bitcoin over time and today does incentivize more renewable energy…and gives people more freedom to convert unused, wasted power into something that actually creates value for billions of people around the world.”
  6. “That realization that we finally have a currency that can be traded at any single point on the planet is pretty incredible and what that enables going forward is pretty mind-blowing and I’m going to do everything in my power to make sure that that happens.”

Michael Saylor

  1. “When I discovered bitcoin I thought this is digital gold on a big tech monetary network and it’s going to grow by a factor of a hundred. Then I thought, well, I should buy as much as I can…I was buying it and I was thinking I have to buy as much as I can, as fast as I can or someone will figure this out and I won’t be able to.”
  2. “Bitcoin is the apex property of the human race. It’s the first time we figured out how to create true property that you can take possession of with full custodial rights that’s least likely to be impaired, that’s most mobile….bitcoin is truly a seminal invention of the human race because for the first time in history we can grant property rights to 8 billion people.”
  3. “I think bitcoin is an extraordinary, disruptive, beneficial technology to the whole energy industry. As I studied it, it became clear that it’s the highest value use of intermittent energy. It’s the highest value use of renewable energy. It’s the highest value use of wasted or stranded energy. And it’s just the highest value use of energy, period. It’s the solution to developing power plants in remote locations, to driving up efficiency of plants and driving down costs…I think as the world understands it, they’re going to embrace it.”
  4. “What I was doing with bitcoin was, I was saying I don’t want to decapitalize the company. I want to keep the capital or grow the capital, but I want to put an asset on the balance sheet. The big breakthrough is I can convert my cash from a liability to an asset and then we realized that if that asset is going to go up by more than 10% a year and you can borrow money at 5% or four, or three, or two, then you should pretty much borrow as much money as you can and flip it into the asset.”
  5. “Bitcoin links together 8 billion people, links together a hundred million companies, it synchronizes the world across political jurisdictions, and it returns rationality to the entire financial system, and it returns freedom and property rights to the entire human race.”
  6. “We say bitcoin is hope. Bitcoin fixes everything…that certainly was the case with our stock….it imbued life into the company…morale was dramatically boosted. We just had the best first quarter we’ve had in a decade.”
Read the original article on Business Insider

A newly launched crypto trade group, which includes heavyweights Square and Coinbase, is looking for new leadership

The photo shows physical imitations of cryptocurrency
The photo shows physical imitations of cryptocurrency

The newly launched Crypto Council for Innovation, an industry group that includes heavyweights such as Square, Fidelity, Coinbase, and Paradigm, is looking for a new boss, DealBook first reported Friday.

Gus Coldebella, who started and led the alliance as the executive director is stepping down. Coldebella, who is the chief policy officer at the investment firm Paradigm, is leaving that post as well.

“With CCI now on its feet, I thought the timing was right to take on a new challenge,” he told DealBook Friday.

CCI was convened by San Francisco-based Paradigm, founded in 2018, which invests in crypto-assets and businesses from the earliest stages of formation through maturity.

The alliance, formed in April, was meant to boost the potential of cryptocurrencies by educating policymakers, regulators, institutions, and individual investors on the benefits of digital assets, which have seen exponential growth in recent years.

It also aimed to debunk many “wrong impressions” the public may have towards cryptocurrencies through government relations, public education, and research publication, according to its website.

The news of CCI’s hunt for new leadership comes as authorities are mulling ways to increase oversight of the crypto space.

JPMorgan CEO Jamie Dimon urged regulators to scrutinize cryptocurrencies more closely at a recent congressional hearing and blasted the digital coins as inferior to traditional assets.

“Something that’s not supported by anything, I do not believe has much value,” he said.

Cryptocurrencies have struggled since bitcoin peaked at the time of Coinbase’s listing on April 14, which many viewed as a milestone for the digital asset space. Extreme volatility in the past two weeks has slashed bitcoin’s market cap nearly in half.

Read the original article on Business Insider

Bitcoin-exposed stocks slide alongside the cryptocurrency as Elon Musk once again wreaks havoc with a tweet

Elon Musk
Tesla CEO Elon Musk

  • Cryptic social-media behavior from Elon Musk suggesting Tesla may have dumped its bitcoin holdings pushed lower stocks linked to the cryptocurrency.
  • Musk later clarified however that he has not sold any.
  • Bitcoin has rebounded after its lowest plunge since February but is still in negative territory.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Companies exposed to bitcoin slid on Monday in the wake of the cryptocurrency plunging to its lowest level since February after Elon Musk suggested Tesla might have sold its holdings over the weekend.

Bitcoin tumbled to $42,185 on Monday morning, several hours after Musk replied “Indeed” to a Twitter post saying: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.”

The price of the cryptocurrency climbed somewhat when the billionaire clarified that Tesla still holds its stake.

Bitcoin traded lower by 7.9% to $45,064.723 as of 10 a.m. in New York.

Here is where shares of bitcoin-linked stocks stood on Monday morning:

Elon Musk’s May 13 reversal on allowing Tesla to accept bitcoin as payment sent shockwaves across the digital asset ecosystem.

Wedbush’s Dan Ives in a note said the move was “very surprising and confusing,” not only to cryptocurrency enthusiasts but to Tesla shareholders as well.

Musk’s Twitter announcement saying Tesla has suspended vehicle purchases using bitcoin just came three months after the company invested billions in the cryptocurrency and accept it as payment for its electric cars.

Read more: UBS says to buy these 42 ‘new momentum’ stocks that are poised to outperform in a rising inflation environment

Read the original article on Business Insider

Jack Dorsey’s Square reports Q1 bitcoin revenue grew 1,000% to $3.5 billion – and is the 3rd-largest corporate holder of the cryptocurrency

Jack Dorsey
Jack Dorsey.

  • Square’s bitcoin sales volume surged 1,000% year-on-year in the first-quarter, the company said.
  • Overall revenue was $5.06 billion, handily beating analyst expectations of $3.37 billion.
  • Jack Dorsey said Square views bitcoin as “the internet’s potential to have a native currency.”
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Square reported first-quarter earnings that beat analyst estimates on Thursday, powered by surging demand for bitcoin.

Quarterly revenue from bitcoin grew eleven times to $3.5 billion, from $306 million a year ago, the company said in a shareholder letter. But gross profit from these transactions were only $75 million, or about 2% of bitcoin revenue, making up Square’s fee generation from sales.

Square profits from transaction fees that customers are charged with when they buy or sell cryptocurrencies on its platform, which is smaller in comparison to revenue generated.

cash app
Square’s Cash App.

Overall quarterly sales for the digital-payments firm came in at $5.06 billion, beating analyst forecasts for $3.37 billion. Net income for the quarter was $39 million, or 8 cents per share. Gross profit more than doubled by rising 79% year-on-year to $964 million.

Screenshot 2021 05 07 at 08.41.40

The company announced a boosted bitcoin stake in February, having invested an additional $170 million. That accounted for about 5% of its total cash, cash equivalents, and marketable securities.

With that investment, Square bought an additional 3,318 bitcoin at an average price of $51,235.68. It had bought 4,709 bitcoin for $50 million in October 2020, currently worth about $263 million.

Square now holds 8,027 bitcoin, according to bitcointreasuries.org, worth about $448 million. That makes it the third-largest publicly-traded holder of the digital asset after MicroStrategy and Tesla.

“We see bitcoin as the internet’s potential to have a native currency, and we want to further that as much as we can.” CEO Jack Dorsey said during an earnings call. “Our focus is enabling bitcoin to be the native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world.”

Square counted more than 10 million monthly active users of its Cash Card in the quarter. About seven million active users, on average, used its Cash Cards every week in March.

Square’s shares rose 2.5% to $229.55 per share in pre-market trading on Friday.

Bitcoin was last trading 1% lower on Friday, at around $55,800 per coin, but is up 89% so far this year.

Read the original article on Business Insider

The wild life of billionaire Twitter CEO Jack Dorsey, who eats one meal a day, has faced attempted oustings, and had to defend his company in front of Congress

twitter jack dorsey
Jack Dorsey at the digital fair dmexco in Cologne, Germany, September 13, 2017.

  • Jack Dorsey cofounded Twitter in 2006, and the company has made him a billionaire.
  • He is famous for his unusual life of luxury, including a daily fasting routine and regular ice baths.
  • Dorsey holds two CEO jobs at Twitter and his payment company Square.
  • Visit Business Insider’s home page for more stories.

From fighting armies of bots to quashing rumors about sending his beard hair to rapper Azealia Banks, Twitter CEO Jack Dorsey leads an unusual life of luxury.

Dorsey has had a turbulent career in Silicon Valley. After cofounding Twitter on March 21 2006, he was booted as the company’s CEO two years later, but returned in 2015 having set up his second company, Square.

Since then, he has led the company through the techlash that has engulfed social media companies, testifying before Congress multiple times.

Dorsey has also provoked his fair share of controversy and criticism, extolling fasting and ice baths as part of his daily routine. His existence is not entirely spartan, however. Like some other billionaires, he owns a stunning house, dates models, and drives fast cars.

Scroll on to read more about the fabulous life of Jack Dorsey.

Rebecca Borison and Madeline Stone contributed reporting to an earlier version of this story.

Dorsey began programming while attending Bishop DuBourg High School in St. Louis.

Jack Dorsey

At age 15, Dorsey wrote dispatch software that is still used by some taxi companies.

Source: Bio.

When he wasn’t checking out specialty electronics stores or running a fantasy football league for his friends, Dorsey frequently attended punk-rock concerts.

jack dorsey young

These days Dorsey doesn’t favour the spiky hairdo.

Source: The Wall Street Journal

Like many of his fellow tech billionaires, Dorsey never graduated college.

jack dorsey young

He briefly attended the Missouri University of Science and Technology and transferred to New York University before calling it quits.

Source: Bio.

In 2000, Dorsey built a simple prototype that let him update his friends on his life via BlackBerry and email messaging.

jack dorsey young

Nobody else really seemed interested, so he put away the idea for a bit.

Source: The Unofficial Stanford Blog

Fun fact: Jack Dorsey is also a licensed masseur.

jack dorsey 9:13

He got his license in about 2002, before exploding onto the tech scene.

Sources: The Wall Street Journal

He got a job at a podcasting company called Odeo, where he met his future Twitter cofounders.

twitter sxsw 2007 jack dorsey evan williams biz stone jason
Jack Dorsey, Biz Stone and Evan Williams took home the prize in the blogging category at SXSW in 2007.

Odeo went out of business in 2006, so Dorsey returned to his messaging idea, and Twitter was born.

On March 21, 2006, Dorsey posted the first tweet.

Jack Dorsey's first tweet
Jack Dorsey’s first tweet.

Dorsey kept his Twitter handle simple, “@jack.”

Dorsey and his cofounders, Evan Williams and Biz Stone, bought the Twitter domain name for roughly $7,000.

jack dorsey young

Dorsey took out his nose ring to look the part of a CEO. He was 30 years old.

A year later, Dorsey was already less hands-on at Twitter.

 Evan Williams and Jack Dorsey
Evan Williams and Jack Dorsey.

By 2008, Williams had taken over as CEO, and Dorsey transitioned to chairman of Twitter’s board. Dorsey immediately got started on new projects. He invested in Foursquare and launched a payments startup called Square that lets small-business owners accept credit card payments through a smartphone attachment.

Sources: Twitter and Bio.

In 2011, Dorsey got the chance to interview US President Barack Obama in the first Twitter Town Hall.

Jack Dorsey and President Obama in Twitter Town Hall
President Obama talks to the audience next to Jack Dorsey during his first ever Twitter Town Hall.

Dorsey had to remind Obama to keep his replies under 140 characters, Twitter’s limit at the time.

Source: Twitter

Twitter went public in November 2013, and within hours Dorsey was a billionaire.

Twitter founder Jack Dorsey

In 2014 Forbes pegged Dorsey’s net worth at $2.2 billion. As of March of this year he was worth roughly $5.1 billion.

Source: Bio. and Forbes

It was revealed in a 2019 filing that Dorsey earned just $1.40 for his job as Twitter CEO the previous year.

Jack Dorsey tramp beard
Twitter and Square CEO Jack Dorsey, who doesn’t earn anything from his primary day job.

The $1.40 salary actually represented a pay rise for Dorsey, who in previous years had refused any payment at all.

He’s far from the only Silicon Valley mogul to take a measly salary, Mark Zuckerberg makes $1 a year as CEO of Facebook.

Dorsey does, however, hold Twitter shares worth $557 million at the time of the filing.

Source: Business Insider

He might have been worth more had he not given back 10% of his stock to Square.

Jack Dorsey at Sun Valley
Jack Dorsey with Hollywood producer Brian Grazer, Veronica Smiley, and Kate Greer at the annual Allen and Co. conference at the Sun Valley, Idaho Resort in 2013.

This helped Square employees, giving them more equity and stock options. It was also helpful in acquiring online food-delivery startup Caviar.

Sources: Business Insider and Caviar

With his newfound wealth, he bought a BMW 3 Series, but reportedly doesn’t drive it often.

bmw 4 series concept detroit auto show naias 2013

“Now he’s able to say, like, ‘The BMW is the only car I drive, because it’s the best automotive engineering on the planet,’ or whatever,” Twitter cofounder Biz Stone told The New Yorker in 2013.

Source: The New Yorker

He also reportedly paid $9.9 million for this seaside house on El Camino Del Mar in the exclusive Seacliff neighborhood of San Francisco.

Jack Dorsey 10 million San Francisco home

The house has a view of the Golden Gate Bridge, which Dorsey views as a marvel of design.

Source: Business Insider

Before the pandemic, Dorsey said he worked from home one day a week.

Dorsey home setup
Jack Dorsey’s home setup.

In an interview with journalist Kara Swisher conducted over Twitter, Dorsey said he worked every Tuesday out of his kitchen.

He also told Kara Swisher that Elon Musk is his favourite Twitter user.

elon musk
Elon Musk is a prolific tweeter.

Dorsey said Musk’s tweets are, “focused on solving existential problems and sharing his thinking openly.”

He added that he enjoys all the “ups and downs” that come with Musk’s sometimes unpredictable use of the site. Musk himself replied, tweeting his thanks and “Twitter rocks!” followed by a string of random emojis.

Source: Business Insider

Facebook CEO and rival Mark Zuckerberg once served Jack Dorsey a goat he killed himself.

goat eyes thumbnails 02

Dorsey told Rolling Stone about the meal, which took place in 2011. Dorsey said the goat was served cold, and that he personally stuck to salad.

Source: Rolling Stone

His eating habits have raised eyebrows.

Jack Dorsey

Appearing on a podcast run by a health guru who previously said that vaccines caused autism, Dorsey said he eats one meal a day and fasts all weekend. He said the first time he tried fasting it made him feel like he was hallucinating.

“It was a weird state to be in. But as I did it the next two times, it just became so apparent to me how much of our days are centered around meals and how — the experience I had was when I was fasting for much longer, how time really slowed down,” he said.

The comments drew fierce criticism from many who said Dorsey was normalizing eating disorders.

In a later interview with Wired Dorsey said he eats seven meals a week, “just dinner.”

Sources: Business Insider, The New Statesman

In the early days of Twitter, Dorsey aspired to be a fashion designer.

jack dorsey fashion

Dorsey would regularly don leather jackets and slim suits by Prada and Hermès, as well as Dior Homme reverse-collar dress shirts, a sort of stylish take on the popped collar.

More recently he favours edgier outfits, including the classic black turtleneck favoured by Silicon Valley luminaries like Steve Jobs.

Sources: CBS News and The Wall Street Journal

He also re-introduced the nose-ring and grew a beard.

Jack Dorsey

Dorsey seems to care less about looking the part of a traditional CEO these days.

Singer Azealia Banks claimed to have been sent clippings of Dorsey’s beard hair to fashion into a protective amulet, although Dorsey denied this happened.

azealia banks
Azealia Banks.

In 2016 Banks posted on her now-deleted Twitter account that Dorsey sent her his hair, “in an envelope.” Dorsey later told the HuffPo that the beard-posting incident never happened.

Sources: Business Insider and HuffPo

Dorsey frequently travels the world and shares his photos with his 4 million Twitter followers.

Dorsey Abe
Jack Dorsey meeting Japanese Prime Minister Sinzo Abe.

On his travels, Dorsey meets heads of state, including Japan’s former Prime Minister Shinzō Abe.

Source: Twitter

Tweets about his vacation in Myanmar also provoked an outcry.

bagan myanmar
Bagan, Myanmar.

Dorsey tweeted glowingly about a vacation he took to Myanmar for his birthday in December 2018. “If you’re willing to travel a bit, go to Myanmar,” he said.

This came at the height of the Rohingya crisis, and Dorsey was attacked for his blithe promotion of the country — especially since social media platforms were accused of having been complicit in fuelling hatred towards the Rohingya.

Source: Business Insider

However, Dorsey says he doesn’t care about “looking bad.”

FILE PHOTO: U.S. President Donald Trump listens to questions as he and first lady Melania Trump meet with South Korea’s President Moon Jae-in and his wife Kim Jung-sook in the Oval Office at the White House in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria
FILE PHOTO: U.S. President Trump welcomes South Korea’s President Moon to the White House in Washington

In a bizarre Huffington Post interview in 2019, Dorsey was asked whether Donald Trump — an avid tweeter — could be removed from the platform if he called on his followers to murder a journalist. Dorsey gave a vague answer which drew sharp criticism.

Following the interview’s publication, Dorsey said he doesn’t care about “looking bad.”

“I care about being open about how we’re thinking and about what we see,” he added.

In September 2018, Jack Dorsey was grilled by lawmakers alongside Facebook COO Sheryl Sandberg.

Jack Dorsey Sheryl Sandberg Twitter Facebook Senate
Facebook COO Sheryl Sandberg and Jack Dorsey are sworn-in for a Senate Intelligence Committee.

Dorsey and Sandberg were asked about election interference on Twitter and Facebook as well as alleged anti-conservative bias in social media companies.

Source: Business Insider

During the hearing, Dorsey shared a snapshot of his spiking heart rate on Twitter.

jack dorsey

Dorsey was in the hot seat for several hours. His heart rate peaked at 109 beats per minute.

Source: Business Insider

Dorsey testified before Congress once again on October 28, 2020.

Jack Dorsey hearing beard
Jack Dorsey tuning into the hearing with the Senate Committee on Commerce, Science and Transportation.

Dorsey appeared via videoconference at the Senate hearing on Section 230, a part of US law that protects internet companies from legal liability for user-generated content, as well as giving them broad authority to decide how to moderate their own platforms.

In prepared testimony ahead of the hearing, Dorsey said stripping back Section 230 would “collapse how we communicate on the Internet,” and suggested ways for tech companies to make their moderation processes more transparent.

 

During the hearing, Dorsey once again faced accusations of anti-conservative bias

Jack Dorsey hearing
Jack Dorsey appearing virtually at the hearing.

The accusations from Republican lawmakers focused on the way Twitter enforces its policies, particularly the way it has labelled tweets from President Trump compared to other world leaders.

Dorsey took the brunt of questions from lawmakers, even though he appeared alongside Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai.

Source: Protocol

During the hearing, the length of Dorsey’s beard drew fascination from pundits.

Jack Dorsey hearing mic
Dorsey had to address accusations of censorship.

Some users referred to Dorsey’s facial hair as his “quarantine beard,” while others said it made him look like a wizard.

“Jack Dorsey’s beard is literally breaking Twitter’s own face detection,” posted cybersecurity blogging account @Swiftonsecurity.

 

Dorsey also addressed the way Twitter dealt with a dubiously sourced New York Post story about Hunter Biden.

Jack Dorsey hearing screen
Jack Dorsey appearing on-screen at the hearing.

When the New York Post published a report about Hunter Biden on October 14 that threw up red flags about sourcing, Twitter blocked users from sharing URLs citing its “hacked materials” policy.

Dorsey subsequently apologized publicly, saying it was wrong of Twitter to block URLs.

During the Senate hearing, Sen. Ted Cruz accused Twitter of taking the “unilateral decision to censor” the Post.

Dorsey said the Post’s Twitter account would remain locked until it deleted its original tweet, but that updated policies meant it could tweet the same story again without getting blocked.

Source: Business Insider

Dorsey had to appear before another hearing on November 17 – this time about how Twitter handled content moderation around the 2020 presidential election.

Jack Dorsey testimony.JPG

Dorsey was summoned alongside Facebook CEO Mark Zuckerberg by Republicans who were displeased with how the platforms had dealt with then-President Donald Trump’s social media accounts. 

Both CEOs defended their companies, saying they are politically neutral.

When he’s not in Washington, Dorsey regularly hops in and out of ice baths and saunas.

sauna
This is not Dorsey’s sauna.

Dorsey said in the “Tales of the Crypt” podcast that he started using ice baths and saunas in the evenings around 2016.

He will alternately sit in his barrel sauna for 15 minutes and then switch to an ice bath for three. He repeats this routine three times, before finishing it off with a one-minute ice bath.

He also likes to take an icy dip in the mornings to wake him up.

Source: CNBC

Dorsey’s dating life has sparked intrigue. In 2018, he was reported to be dating Sports Illustrated model Raven Lyn Corneil.

Jack Dorsey Raven Lyn Corneil

Page Six reported in September 2018 that the pair were spotted together at the Harper’s Bazaar Icons party during New York Fashion Week. Page Six also reported that Dorsey’s exes included actress Lily Cole and ballet dancer Sofiane Sylve.

Source: Page Six

He’s a big believer in cryptocurrency, frequently tweeting about its virtues.

jack dorsey

In particular, Dorsey is a fan of Bitcoin, which he described in early 2019 as “resilient” and “principled.” He told the “Tales of the Crypt” podcast in March that he was maxing out the $10,000 weekly spending limit on Square’s Cash App buying up Bitcoin.

In October 2020 he slammed Coinbase CEO Brian Armstrong for forbidding employee activism at the company, saying cryptocurrency is itself a form of activism.

 

Source: Business Insider, Business Insider and CNBC

 

At the end of 2019 Dorsey said he would move to Africa for at least three months in 2020.

Jack Dorsey France

Dorsey’s announcement followed a tour of Ethiopia, Ghana, Nigeria, and South Africa. “Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020,” he tweeted.

Dorsey hasn’t yet commented on how severely these plans may nor may not have been impacted by the pandemic.

Dorsey then came under threat of being ousted as Twitter CEO by activist investor Elliott Management.

Paul Singer Elliott Management
Paul Singer, founder and president of Elliott Management.

Both Bloomberg and CNBC reported in late February 2020 that major Twitter investor Elliott Management — led by Paul Singer — was seeking to replace Dorsey. 

Reasons given included the fact that Dorsey splits his time between two firms by acting as CEO to both Twitter and financial tech firm Square, as well as his planned move to Africa.

Source: Business Insider

Tesla CEO and frequent Twitter user Elon Musk weighed in on the news, throwing his support behind Dorsey.

Elon Musk
Tesla CEO Elon Musk.

“Just want to say that I support @jack as Twitter CEO,” Musk tweeted, adding that Dorsey has a good heart, using the heart emoji.

Source: Business Insider

Dorsey managed to strike a truce with Elliott Management.

Jack Dorsey

Twitter announced on March 9, 2020 that it had reached a deal with Elliott Management which would leave Jack Dorsey in place as CEO.

The deal included a $1 billion investment from private equity firm Silver Lake, and partners from both Elliott Management and Silver Lake joined Twitter’s board.

Patrick Pichette, lead independent director of Twitter’s board, said he was “confident we are on the right path with Jack’s leadership,” but added that a new temporary committee would be formed to instruct the board’s evaluation of Twitter’s leadership.

On April 7, Dorsey announced that he was forming a new charity fund that would help in global relief efforts amid the coronavirus pandemic.

jack dorsey twitter square ceo
Dorsey.

Dorsey said he would pour $1 billion of his own Square equity into the fund, or roughly 28% of his total wealth. 

The fund, dubbed Start Small LLC, will first focus on helping in the fight against the coronavirus disease, which has spread across the globe and infected more than 1.3 million people.

The CEO said he will be making all transactions on behalf of the fund public in a spreadsheet.

On July 15, hackers compromised 130 Twitter accounts in a bitcoin scam.

twitter bill gates crypto scam

The accounts of high-profile verified accounts belonging to Bill Gates, Kim Kardashian West, and others were hacked, with attackers tweeting out posts asking users to send payment in bitcoin to fraudulent cryptocurrency addresses.

As a solution, Twitter temporarily blocked all verified accounts — those with blue check marks on their profiles — but the damage was done.

 

 

Elon Musk said he personally contacted Dorsey following the hack.

Jack Dorsey Elon Musk
Elon Musk (left) and Dorsey.

During a July 2020 interview with The New York Times, Musk said he had immediately called Dorsey after he learned about the hack.

“Within a few minutes of the post coming up, I immediately got texts from a bunch of people I know, then I immediately called Jack so probably within less than five minutes my account was locked,” said Musk.

Source: The New York Times

In March 2021 Dorsey put his first-ever tweet up for auction.

jack dorsey twitter
Jack Dorsey, Twitter CEO, and Sheryl Sandberg, Facebook COO, off camera, testify during a Senate (Select) Intelligence Committee hearing in Dirksen Building where they testified on the influence of foreign operations on social media on September 5, 2018

As the craze for Non-fungible tokens (NFTs) gathered momentum, Dorsey announced he was auctioning his first tweet for charity. The bidding started on March 9 and finishes on Sunday — Twitter’s 15th birthday.

Dorsey said proceeds from the auction will go to Give Directly’s Africa response. At time of writing, the highest bid was $2.5 million.

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How to receive money on Cash App by requesting or accepting payments

friends eating at restaurant looking at smartphone
With Cash App, you can quickly send money to friends, like when you need to split a check.

  • You can receive money on Cash App by accepting a payment or sending a request.
  • To get money from Cash App to your bank account, you need to “Cash Out.”
  • Before you can start, you need to have your bank account linked to the app.
  • Visit Insider’s Tech Reference library for more stories.

Square’s Cash App is a mobile peer-to-peer payment app, like Venmo, that allows you to transfer money to family and friends without even having to be in the same room.

Cash App makes it convenient to split things with friends, too, from pizzas to hotel rooms.

Receiving money on Cash App is as simple as sending a request, or approving a payment. You just need to link your bank account to the app so you can get your money right away, or “cash out.”

Here’s what you need to know.

How to change your Cash App PIN on an Android or iPhoneHow to increase your Cash App transaction limit by verifying your accountHow to receive money on Venmo and transfer funds to a connected bank account‘Can you send money from PayPal to Cash App?’: Not directly, but you can use your bank account – here’s how

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How to send money on Cash App on your iPhone or Android

customer on smartphone at cafe
Cash App makes it easy to send money no matter where you are.

  • You can send money on the Cash App if you know the recipient’s phone number, email, or $cashtag.
  • To use Cash App and send payments, you need to first link your bank account to the app.
  • When you allow Cash App to access your contact list, it’s even easier to find friends or family.
  • Visit Insider’s Tech Reference library for more stories.

Cash App, similar to Venmo, is a simple smartphone app that lets users transfer funds to friends or family with just a few taps.

Once you’ve linked an active bank account, you can begin sending, receiving, and requesting money on the app. Here’s how to use Cash App to send money.

How to receive money from Cash App in 2 different ways‘Can you send money from PayPal to Cash App?’: Not directly, but you can use your bank account – here’s howHow to change your Cash App PIN on an Android or iPhoneHow to increase your Cash App transaction limit by verifying your account

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Cathie Wood’s flagship ETF has tumbled 25% in just 3 weeks amid a sharp tech sell-off

trader nyse worried chart
  • A correction in technology stocks has taken its toll on the performance of Cathie Wood’s flagship fund.
  • The ARK Disruptive Innovation ETF has tumbled 25% in just three weeks as a spike in interest rates helped spark a rotation out of high-growth sectors like tech and into cyclical stocks.
  • The ETF continued its decline on Thursday, falling as much as 6% as top holdings Tesla and Square sold off.
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Investors in Cathie Wood’s Ark Invest ETFs have had a rough few weeks as a broad sell-off in technology stocks took a toll on performance.

Wood’s flagship fund, the ARK Disruptive Innovation ETF, has fallen 25% since its record close on February 12, based on Thursday’s low of $118. A bulk of the decline has been sparked by a rapid rise in interest rates and the subsequent rotation out of high-growth tech stocks and into more cyclical stocks in the energy and financials sector. 

The ARK ETF has no exposure to the energy sector, and just 4% exposure in the financials sector as of December 31.

The volatility in ARK has led to back-to-back record swings in both fund outflows and inflows.

The decline in the Ark’s flagship ETF continued on Thursday, falling as much as 6% as its top holdings Tesla and Square saw declines that outpaced the broader market. Combined, the two holdings make up 16% of the fund, according to data from Bloomberg. 

Tesla fell as much as 5% after billionaire investor Ron Baron told CNBC that he sold nearly 2 million shares for clients as the position became too concentrated in his mutual funds. Meanwhile, Square dropped as much as 6% after the company said it acquired music-streaming service Tidal for nearly $300 million. 

But Wood is not concerned about the recent decline in her portfolio, evidenced by both the recent trading activity of the firm and recent comments she made about the market volatility.

Amid the tech decline, Ark has been selling more stable mega-cap tech names like Apple, Amazon and Alphabet, and has been using the proceeds to buy more shares in less profitable and more volatile stocks like Tesla and Palantir.

In a video posted to Ark’s YouTube channel last week, Wood said she views the recent rotation out of technology stocks and into cyclical stocks as a broadening of the bull market, which is bullish for the long-term. If the market rally were to continue to be solely driven by a narrow rise in technology stocks, similar to what happened during the dot-com bubble, Wood would be more worried.

Whether investors will be able to hold on to Ark’s ETFs amid the heightened volatility is the ultimate question, and fund flow data will provide the answer. Ark Invest has seen its assets under management balloon to more than $60 billion as of mid-February.

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Jack Dorsey’s Square is buying a majority stake in Jay-Z’s music-streaming platform Tidal for nearly $300 million

Jack Dorsey Twitter CEO
Twitter CEO Jack Dorsey

  • Square is buying a majority stake in Tidal, Jay-Z’s music streaming platform, for nearly $300 million.
  • The move is set to bring Jay-Z to Square’s board of directors.
  • Digital-payments processor Square was set up by Twitter co-founder Jack Dorsey in 2009.
  • Visit the Business section of Insider for more stories.

Jack Dorsey’s digital-payments processor Square is buying Tidal, Jay-Z’s music streaming platform, for nearly $300 million, the companies announced Thursday.

The move is set to bring Jay-Z to Square’s board of directors.

Square said it was buying a majority stake in Tidal for $297 million through a mix of cash and stock.

Dorsey said Square would work with artists to grow their fanbases through simple integrations for merchandise sales, new listening experiences, and “complementary revenue streams.”

The Twitter executive thanked Jay-Z for his leadership and vision for TIDAL, and added he will help lead Square and Cash App and Seller by working on Square’s board. 

“TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. It’s refreshing and right,” Dorsey said in a tweet. “The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.”

Jay-Z bought Tidal in 2015 for $56 million and proceeded to debut exclusive releases on the platform, such as Beyonce’s “Lemonade” album in 2016. But the platform has struggled to keep up with players like Spotify, Insider’s Kate Canales reported.

“Based on current information, Square does not expect TIDAL’s financial results to have a material impact on Square’s consolidated revenue or gross profit in 2021,” the company said in a press release.

 

Dorsey had reportedly been in talks to buy TIDAL in December. Dorsey and Jay-Z had previously partnered to start a bitcoin endowment, which would develop the cryptocurrency in India and Africa. 

“Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” Jay-Z said in a tweet Thursday morning. “This shared vision makes me even more excited to join the Square board.”

Dorsey, who is also the CEO and co-founder of Twitter, set up Square in 2009. The fintech provides point-of-sale payment options to small and medium-sized businesses, and this week set up its highly anticipated industrial bank.

TIDAL’s platform has 70 million songs and 250,000 videos, along with original podcasts and curated playlists, per a release

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