Financial company Square has changed its name to “Block”, the Jack Dorsey led company made the announcement recently. This move highlights the company’s growth and recent investment in Music streaming firm “Tidal.” It no longer sees itself as only a financial company but a servicer.
Square made the announcement via a press release saying that “the change to Block acknowledges the company’s growth,” which has expanded more than providing financial services.
Saying further “Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”
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There is no restructuring as a result of the name change, according to the Block. Its new name Block will legally change on December 10 while its “SQ” ticker symbol will “not change at this time.”
Also, the Square Crypto arm will be rebranding to Spiral due to the name change. Jack Dorsey is leaving his position as CEO of Twitter, Parag Agrawal replaces the American. Parag Agrawal was previously the CTO of Twitter and a long-serving staff of the company.
There were leaks of the 6 years serving CEO leaving his position some moments before his official statement. Initially kicked out of the position in 2008, there are rumours the board of directors want him out.
Another speculation surrounding his move is his divided commitment to Twitter and to Square, the crypto-financial company. Also working as CEO at Square, Dorsey has a lot on his plate.
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