Block is the new name for Jack Dorsey Square

Block is the new name for Jack Dorsey's Square

In a statement released on Wednesday, Square, a financial services company founded by Jack Dorsey, the now-former CEO of Twitter, announced that it would be rebranded as Block. Since its founding in 2009, Square has grown significantly beyond financial services (for example, it recently acquired a majority stake in music streaming service Tidal), which Block is claiming as justification for the new name. In a press release, the company stated that the name change to Block "recognizes the company's growth and development." "It has grown its portfolio of businesses since its inception in 2009, adding Cash App, TIDAL, and TBD54566975 to its list of accomplishments, and the name change will allow the company to continue its growth. Block is an overarching ecosystem made up of a diverse collection of businesses that are all united by a common goal: economic empowerment. Individuals, artists, fans, developers, and sellers are all able to benefit from it, as are a variety of other stakeholders."

In accordance with Block, no organizational changes will be implemented as a result of the company's new name, although the Square Crypto initiative will be renamed Spiral. According to current expectations, the Block's new name will become legally binding in the near future "on or around the 10th of December, approximately " The ticker symbol for SQ will remain unchanged for the time being." The changes come just two days after Dorsey, a well-known Bitcoin enthusiast, resigned from his position as CEO of Twitter. He previously held the positions of CEO of both Twitter and Square at the same time. He continues to serve as the company's chief executive officer. Earlier this month, Facebook changed its name to Meta, prompting Block to rebrand as well. Square, Block, and Jack Dorsey are three of the most famous people in the world.