IN A matter of days after stepping down as CEO of Twitter, Jack Dorsey is shaking things up at his other company. Yesterday Square a fintech company co-founded by Dorsey has announced a name change to Block.
The company houses businesses like TIDAL by Jay-Z, Cash App and TBD54566975. The company indicated that “Block will be the name for the company as a corporate entity. The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.”
The company said: “The name change to Block distinguishes the corporate entity from its businesses, or building blocks. There will be no organisational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands”
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y
— Block (@blocks) December 1, 2021
The fully focused CEO Dorsey also emphasised the reasoning behind the name change. “We built the Square brand for our Seller business, which is where it belongs, Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
Square will now be referred to as Block. The legal name “Square, Inc.” is expected to be legally changed to “Block, Inc.” on or about December 10, 2021, upon satisfying all applicable legal requirements. The company’s NYSE ticker symbol “SQ” will not change at this time. Any changes in the future will be publicly disclosed. The Company’s Class A common stock will continue to be listed on NYSE and the CUSIP will not be changing.