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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 11/19/1976
Place of birth : United States
Linked companies : Square, Inc. - Twitter, Inc.
Biography : Jack Dorsey founded Square, Inc. and Twitter, Inc. Presently, Mr. Dorsey occupies the position of Chairman, President & Chief Executive Officer at Square, Inc. and Chief Executive Officer & Director at Twitter, Inc. Mr. Dorsey is also on the board of Thing Daemon, Inc.

Jack Dorsey's Square acquires Jay-Z's Tidal for $297 mln

03/04/2021 | 01:48pm EDT

Square, the payments-processing company co-founded by Twitter CEO Jack Dorsey, on Thursday agreed to buy a majority ownership stake in Tidal, a music streaming service owned by rapper Jay Z, for $297 million dollars in cash and stock.

Jay Z, whose real name is Shawn Carter, would become a member of Square's board of directors.

Square did not disclose the percentage of the ownership stake.

Dorsey tweeted about the deal Thursday saying quote:

"Why would a music streaming company and a financial services company join forces?!... It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there's a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers."

Jay-Z also tweeted about the pact saying quote: "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."

Square said in a statement that Tidal will operate independently within Square and existing artist shareholders will be the remaining stakeholders.

Tidal - which Jay Z bought for roughly $56 million dollars in 2015 - calls itself an artist-owned service backed by Kanye West, Beyoncé, Madonna, Rihanna and Nicki Minaj among others, and is available in more than 56 countries.


© Reuters 2021 / Crédit photo © Maxppp
Stocks mentioned in the article
ChangeLast1st jan.
SQUARE, INC. -5.38% 258.64 Delayed Quote.25.54%
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