Company:Block, Inc.

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Short description: American financial services company
Block Inc.
FormerlySquare Inc. (2009–2021)
TypePublic
  • NYSE: SQ (Class A)
  • Russell 1000 component
  • ASX: SQ2 (Block Inc CDI)
Industry
FoundedFebruary 14, 2009; 15 years ago (2009-02-14) in St. Louis, Missouri, U.S.
Founder
HeadquartersNo headquarters[2]:16
Area served
United States, Canada , Australia , Japan , United Kingdom , Ireland, France , Spain
Key people
ProductsPoint of sale terminals and auxiliary equipment, debit cards
Services
RevenueDecrease US$17.53 billion (2022)
Decrease −US$625 million (2022)
Decrease −US$541 million (2022)
Total assetsIncrease US$31.36 billion (2022)
Total equityIncrease US$17.22 billion (2022)
OwnerJack Dorsey (10%)
Number of employees
12,428 (2022)
Subsidiaries
Websiteblock.xyz
Footnotes / references
[3][2][4][5][6][7][8]

Block Inc. is an American public company founded in 2009 by Jack Dorsey and Jim McKelvey. Initially named Square Inc.,[9] the company comprises various businesses within the financial technology sector. Block’s service network reportedly includes nearly 4 million merchants and 51 million users, as of 2023.[10][11]

Block's inaugural product Square is a credit card payment platform which enables small and medium-sized businesses to use smartphones or tablets as point-of-sale registers[12] and to manage operations such as bookings,[13] e-Commerce,[14] inventory,[15] payroll, shift schedules,[16] banking, and borrowing business loans.[17] Block’s portfolio includes Cash App, which offers peer-to-peer transactions, direct deposits,[18][19] a savings account, a debit card, investing in stocks and Bitcoin,[20][21] a tax filing service,[22] and personal loans.[23] Block also owns Afterpay, a buy now, pay later service;[24] TBD, a decentralized platform targeting Bitcoin and decentralized finance;[25][26] Tidal, a subscription-based music streaming service;[27] and Weebly, a web hosting provider.

History

The original inspiration for Square occurred to Jack Dorsey in 2009 when his friend Jim McKelvey was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards.[28] Co-founders Dorsey—who also co-founded Twitter—and McKelvey began developing the company out of a small office in St. Louis.[29] The name "Square" derives from the company's square-shaped card readers.[30][31]

In October 2020, Square put approximately 1% of their total assets ($50 million) in Bitcoin (4,709 bitcoins), citing Bitcoin's "potential to be a more ubiquitous currency in the future" as their main reasoning.[32] The company purchased approximately 3,318 bitcoins in February 2021 for a cost of around $170 million, bringing Square's total holdings to around 8,027 bitcoins (equivalent to around US$500 million in 2021, around US$190 million as of February 2023).[33]

On March 2, 2021, Square reached an agreement to acquire majority ownership in Tidal. Square paid $297 million in cash and stock for Tidal, with Jay-Z joining the company's board of directors. Jay-Z, as well as other artists who currently own stock in Tidal, will remain stakeholders.[34][35][36]

On December 1, 2021, Square announced that it would change its company name to Block, Inc. on December 10.[37][38] The change was announced shortly after Dorsey resigned as CEO of Twitter.[39] On December 10, 2021, the name change took effect, and Square, Inc. became Block, Inc..[40] On December 16, less than a week into the rebrand, H&R Block, sued the company for trademark infringement, claiming that the name seeks to confuse customers by misappropriating the Block brand name, which H&R owns.[41] The lawsuit was resolved in April 2023 when the two companies jointly agreed to dismiss the suit.[42]

On January 31, 2022, Block completed its acquisition of Afterpay.[43]

Subsidiaries, products, services

Square

Main page: Finance:Square (payment system)

Square is a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use smartphones or tablets or computers as payment registers for a point-of-sale system (POS).[12][44] The platform was founded in 2009 by Dorsey and McKelvey. Square also offers additional features to manage various operations including staff payroll and shift schedules,[16] customer bookings,[13] inventory, e-Commerce,[14][15] banking and business loans.[17]

In 2022, a Protocol survey showed that 35% of U.S. small business owners used Square, a higher percentage than its competitors in the survey, while also highlighting the POS market's continued fragmentation. [45] In April 2023, Square was reported to have four million merchants as its customers.[10]

Cash App

Launched in October 2013, Cash App (formerly Square Cash) allows person-to-person money transfer via the app or website.[18][19] In March 2015, the firm introduced Square Cash for businesses, which includes the ability for individuals, organizations, and business owners to use a unique username, known as a $cashtag, to send and receive money.[46] As of 2023, Cash App also offers a savings account and a debit card, and services such as direct deposit and investing in stocks and Bitcoin.[20][21] In March 2023, USA Today reported that Cash App offered a free tax-filing service while cautioning that it didn't accommodate "every tax situation" and didn't offer "live tax support".[22] In October 2023, it was reported that Cash App also allowed users to borrow up to $200 from the app, and that "not everyone is an eligible user for this feature".[23]

In February 2023, Block reported 51 million "monthly active users" for Cash App.[11][47]

Afterpay

Afterpay is an Australian digital payment platform in which a bought product can be paid off in four installments. This idea made in 2008 by a then eighteen-year-old Nick Molnar was geared towards millennials and inspired by the aftermath of the 2008 Global Financial Crisis. Molnar and Partner/ Co-founder Anthony Eisen launched their platform in 2014 and in four years their product reached a market capitalization of around $3.3 billion. In February 2020, Afterpay was reported to have 3.6 million active customers in the US, 3.1 million in Australia and New Zealand, and 600,000 in the UK. In August 2021, Afterpay and Square announced that Afterpay would be acquired by Square.[48] Block paid US$29 billion in stock for the acquisition and the process was finalized in January 2022.[43][24] Although Afterpay is now owned by Block inc., Molnar and Eisen still spearhead Afterpay's merchant and consumer businesses.

Tidal

Main page: Software:Tidal (service)

Tidal is a digital music streaming service that gives users access to over 80 million songs from genres and artists across the world.[49] Tidal was founded on the basis of artists getting paid rightfully for their work, meaning fully and directly instead of through traditional means. Tidal was first launched in 2014 by a Norwegian company called Aspiro. Aspiro was purchased by Jay-Z in 2015 for $56 million.[50] In early 2017, the Sprint Corporation purchased 33% of the company for $200 million and then in 2021 Square Inc. paid $297 million for a majority ownership of the company.[27] Tidal now operates in 61 countries worldwide.[49] In June, 2022, through the disclosure of the Annual Stockholder Meeting 2022, Block reported that the stake acquired in the Tidal music service was 86.8%.[51]

TBD

TBD is a Bitcoin-focussed subsidiary of Block.[25] TBD serves as a decentralized platform which allows developers to build decentralized finance (DeFi) applications to run on programmable blockchains.[26]

Weebly

Main page: Company:Weebly

Weebly is a web hosting service. Weebly was founded in 2006 by David Rusenko, Dan Veltri, and Chris Fanini after they all met as students at Pennsylvania State University.[52] In 2007, Weebly raised $650,000 in initial capital from a group of angel investors. In 2018, Square Inc. (Now Block Inc.) bought Weebly in exchange for $365 million in cash and stock.[53] The company slowly grew and updated its capabilities over the course of a decade and now Weebly is a free online website creator that operates out of the web browser. The site offers users access to drag and drop features to build their websites, with unlimited storage options and custom URLs.

Financials

Square received angel investments from Marissa Mayer, Kevin Rose, Biz Stone, Dennis Crowley, Shawn Fanning, MC Hammer, and Esther Dyson.[citation needed] Since then, it has raised several additional rounds of funding:

  • Series A funding from Khosla Ventures[54]
  • Series B funding from Sequoia Capital[54]
  • Series C funding from Kleiner Perkins[54]
  • Series D funding from Citi Ventures, Rizvi Traverse Management, and Starbucks[55]
  • Series E funding from Goldman Sachs, Rizvi Traverse Management, and GIC Private Limited[56]

The company's valuation in October 2014 was $6 billion.[57] On November 19, 2015, Square had its IPO on the New York Stock Exchange with an initial valuation of $2.9 billion, down by more than half from its last valuation in October 2014 at $6 billion. The series E funding shares had different rights than the common shares sold at the IPO, therefore the $6 billion 'valuation' from October 2014 is wrong. Although the firm was yet to make a profit as of 2015 and had lost $420 million since 2012, it had decreased its losses from 44% of revenues to 16% in the six months leading up to its IPO.[58] For the fiscal year 2018, Square reported losses of US$38 million, with an annual revenue of US$3.299 billion, an increase of 49.0% over the previous fiscal cycle.

Year[59] Revenue
in mil. US$ 		Net income
in mil. US$ 		Total assets
in mil. US$ 		Employees
2012 203 −85 0
2013 552 −104 318
2014 850 −154 542 1,282
2015 1,267 −212 895 1,449
2016 1,709 −172 1,211 1,853
2017 2,214 −63 2,187 2,338
2018 3,299 −38 3,281 3,349
2019 4,714 375 4,551 3,835
2020 9,498 213 9,870 5,477
2021 17,661 166 13,925 8,521
2022 17,532 −541 31,364 12,428

Business

Operations

Block was co-founded by Twitter creator Jack Dorsey under the name Square.[60] Dorsey also serves as chief executive officer and Amrita Ahuja serves as chief financial officer.[60][61] Block's office is in San Francisco .[62] The firm has more than 5,000 employees.[63]

Block's payment platform, Square, has been available in the United States since 2010 and the company launched in Canada at the end of 2012.[64] In March 2020, Square implemented remote work due to the COVID-19 pandemic. In May 2020, Square announced that some of its workers would be allowed to be permanent remote workers.[65] As of 2021, although Block's real estate footprint remains intact, they no longer have a designated headquarters location.[2]

Financing and acquisitions

In August 2014, Victory Park Capital, an asset management firm, invested in Square Capital.[66] In May 2015, Square Capital raised additional funding, with Victory Park Capital tripling its initial investment.[67] As of 2016, Square had loaned $1 billion to companies through Square Capital since the program's inception.[68] On November 19, 2015, Square Inc. became a public company via an initial public offering.[69][70] On April 19, 2018, Square announced that it had acquired Zesty, a food delivery service that caters to corporate offices.[71][72] On April 26, 2018, Square announced that it would acquire Weebly, a website-building service, for $365 million.[73] In May 2019, Square announced that it had acquired Eloquent Labs, an artificial intelligence startup helping improve the customer service experience.[74]

In February 2020, Square announced that it had acquired Dessa, a Toronto-based deep learning company.[75] In November 2020, Square announced it was acquiring Credit Karma Tax, a free do-it-yourself tax-filing service, from Credit Karma for $50 million and would make it a part of its Cash App unit.[76] In March 2021, Square announced it was acquiring a significant majority in music streaming platform Tidal for $293 million in a deal of stock and cash.[77] In the same month, Square's Q1 sales surged 266% as transactions jumped amid economic recovery.[78] In August 2021, Square announced its acquisition of Afterpay, a company offering a "buy now, pay later" service. Square finalized the $29 billion stock deal on January 31, 2022.[79][43]

Controversies

Allegations of illegal activity

On March 23, 2023, investment research firm Hindenburg Research disclosed a short position in Block, leading to a 15% drop in the company's shares that day. Hindenburg's accusations of Block included exaggerating user counts, failing to curb fraud and illegal activity on Cash App, and permitting impersonation of high-profile individuals. It also wrote in its report that Block "embraced predatory offerings and compliance worst practices in order to fuel growth and profit from facilitation of fraud against consumers and the government."[80][81]

Block responded to the allegations in a press release saying, "We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today".[82]

See also

References

  1. ↑ Clifford, Catherine (2020-05-21). "Twitter billionaire Jack Dorsey on giving away his money: 'If someone is in pain, I am in pain'" (in en). https://www.cnbc.com/2020/05/21/twitter-ceo-jack-dorsey-on-giving-away-his-billions.html. 
  2. ↑ 2.0 2.1 2.2 "Square, Inc. Annual Form 10-K (2021)". U.S. Securities and Exchange Commission. February 26, 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/1512673/000162828022003825/sq-20211231.htm. 
  3. ↑ "Square, Inc. Annual Form 10-K (2022)". U.S. Securities and Exchange Commission. February 23, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1512673/000162828023004840/sq-20221231.htm. 
  4. ↑ "Square Inc. Co-Founder Tristan O'Tierney Dies at 35". Bloomberg News. March 2, 2019. https://www.bloomberg.com/news/articles/2019-03-02/square-inc-co-founder-tristan-o-tierney-dies-at-35. 
  5. ↑ "Wall Street Breakfast: Square, Match Group Ready For Market Debut". Seeking Alpha. 19 November 2015. http://seekingalpha.com/article/3698096-wall-street-breakfast-square-match-group-ready-for-market-debut. 
  6. ↑ "Inside Square's Massive New San Francisco Headquarters". Mashable. October 11, 2013. http://mashable.com/2013/10/11/square-headquarters/. 
  7. ↑ "Bloomberg Billionaires Index: Jack Dorsey". https://www.bloomberg.com/billionaires/profiles/jack-p-dorsey/. "Dorsey owns about 10% of Block, formerly known as Square, according to a February 2022 regulatory filing." 
  8. ↑ Jacob, Denny (April 22, 2022). "Block CEO Jack Dorsey's Title Now Block Head and Chairperson". The Wall Street Journal. https://www.wsj.com/articles/block-ceo-jack-dorseys-title-now-block-head-and-chairperson-11650664898. 
  9. ↑ Browning, Kellen (1 December 2021). "Square, Jack Dorsey's payments company, changes its name to Block.". The New York Times. https://www.nytimes.com/2021/12/01/technology/square-block-name-change-dorsey.html?action=click&module=Well&pgtype=Homepage&section=Technology. 
  10. ↑ 10.0 10.1 Mullen, Caitlin (2023-04-18). "Square rolls out new features for merchants" (in en-US). https://www.retaildive.com/news/square-rolls-out-new-features-block-payments-merchant-services-smbs/647580/. 
  11. ↑ 11.0 11.1 Hollerith, David (2023-02-23). "Block reports revenue, profits that top expectations amid bitcoin drag" (in en-US). https://finance.yahoo.com/news/block-reports-revenue-profits-that-top-expectations-amid-bitcoin-drag-183916769.html. 
  12. ↑ 12.0 12.1 Morrison, Sara (2022-10-07). "Everyone wants a tip now. Do you have to give them one?" (in en). https://www.vox.com/recode/2022/10/7/23389885/square-toast-tipping-retail-tipflation-guilt. 
  13. ↑ 13.0 13.1 Sherman, Matt (2023-10-24). "Square Appointments Review" (in en). https://www.merchantmaverick.com/reviews/square-appointments-review/. 
  14. ↑ 14.0 14.1 Smith, Amy Nichol (2022-02-22). "Square Online Store Review 2023: Features, Pros & Cons – Forbes Advisor". https://www.forbes.com/advisor/business/software/square-online-review/. 
  15. ↑ 15.0 15.1 Stevens, Courtenay (2022-12-14). "Everything You Need to Know about Square Inventory Management" (in en-US). https://www.business.org/finance/inventory-management/square-inventory-review/. 
  16. ↑ 16.0 16.1 O'Reilly, Dennis (2023-05-25). "Square Payroll Software Review and Prices". https://www.usnews.com/360-reviews/business/payroll-software/block. 
  17. ↑ 17.0 17.1 Irrera, Anna (2021-07-20). "Square launches small business banking" (in en). Reuters. https://www.reuters.com/business/finance/square-launches-small-business-banking-2021-07-20/. 
  18. ↑ 18.0 18.1 Hamburger, Ellis (2013-10-15). "Square Cash lets anyone with a debit card send money instantly over email" (in en). https://www.theverge.com/2013/10/15/4842518/square-cash-send-money-over-email-iphone-android. 
  19. ↑ 19.0 19.1 Freitas, Taylor (2022-04-29). "What is Cash App and how does it work?" (in en). https://www.zdnet.com/finance/what-is-cash-app-and-how-does-it-work-a-comprehensive-guide/. 
  20. ↑ 20.0 20.1 Staples, Ana (2023-08-22). "What is Cash App and how does it work?" (in en). https://www.cnbc.com/select/what-is-cash-app/. 
  21. ↑ 21.0 21.1 Papandrea, Dawn (2023-08-28). "How to Use Cash App". https://www.usnews.com/banking/articles/how-to-use-cash-app. 
  22. ↑ 22.0 22.1 Jones, Jenn (2023-09-11). "Best tax software of November 2023" (in en-US). https://www.usatoday.com/money/blueprint/taxes/best-tax-software/. 
  23. ↑ 23.0 23.1 Moorhead, Caitlyn (2023-10-16). "Cash App Borrow: How To Borrow Money on Cash App" (in en). https://www.gobankingrates.com/banking/technology/cash-app-borrow/. 
  24. ↑ 24.0 24.1 Gariffo, Michael (2022-02-01). "Block completes acquisition of "buy now, pay later" specialist Afterpay" (in en). https://www.zdnet.com/finance/block-completes-acquisition-of-buy-now-pay-later-specialist-afterpay/. 
  25. ↑ 25.0 25.1 Lowrey, Annie (2023-06-17). "Is Crypto Dead?" (in en). https://www.theatlantic.com/ideas/archive/2023/06/crypto-down-or-it-dead/674442/. 
  26. ↑ 26.0 26.1 Adams, Michael (2023-12-01). "6 Best Cryptocurrency Stocks Of December 2023 – Forbes Advisor". https://www.forbes.com/advisor/investing/cryptocurrency/best-cryptocurrency-stocks/. 
  27. ↑ 27.0 27.1 Rosman, Katherine (2021-03-04). "Square Acquires Tidal in $297 Million Deal" (in en-US). https://www.nytimes.com/2021/03/04/business/media/tidal-square-jay-z-dorsey.html. 
  28. ↑ "Square Brings Credit Card Swiping to the Mobile Masses, Starting Today". May 11, 2010. http://www.fastcompany.com/1643271/square-brings-credit-card-swiping-mobile-masses-starting-today. 
  29. ↑ "Why Square's New Office Is A Really Big Deal for St. Louis". St. Louis Magazine. 2015-09-15. https://www.stlmag.com/news/why-square-new-office-is-a-really-big-deal-for-st-louis/. 
  30. ↑ "Square's name and design were changed by a lunch at Apple". thenextweb.com. 2011-05-26. https://thenextweb.com/apple/2011/05/26/squares-name-and-design-were-changed-by-a-lunch-at-apple/. 
  31. ↑ "Square Was Almost Named Squirrel Until Dorsey Talked To Apple". pulse2.com. May 26, 2011. http://pulse2.com/2011/05/26/square-was-almost-named-squirrel-until-dorsey-talked-to-apple/. 
  32. ↑ Oliver Effron (8 October 2020). "Square just bought $50 million in bitcoin". https://www.cnn.com/2020/10/08/business/square-bitcoin-crypto-investment/index.html. 
  33. ↑ Bursztynsky, Jessica (2021-02-23). "Square buys $170 million worth of bitcoin" (in en). https://www.cnbc.com/2021/02/23/square-buys-170-million-worth-of-bitcoin.html. 
  34. ↑ "Square, Inc. to buy majority of Tidal and put Jay-Z on board". ABC News. https://abcnews.go.com/Entertainment/wireStory/square-buy-majority-tidal-put-jay-board-76248384. 
  35. ↑ Murphy Kelly, Samantha (4 March 2021). "Square to acquire majority stake in music service Tidal for $297 million". CNN. https://www.cnn.com/2021/03/04/tech/square-tidal/index.html. 
  36. ↑ Singleton, Micah. "Square Is Acquiring a Majority Stake in Tidal for $297M". Billboard. https://www.billboard.com/articles/business/streaming/9534646/square-tidal-acquisition-majority-stake-jay-z. Retrieved 5 March 2021. 
  37. ↑ Vigna, Paul (2021-12-01). "Square Changes Name to Block, Days After CEO Jack Dorsey Leaves Twitter" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/square-changes-name-to-block-days-after-ceo-jack-dorsey-leaves-twitter-11638394200. 
  38. ↑ "Square, Inc. Changes Name to Block" (Press release). Block, Inc. 2021-12-01. Retrieved 2021-12-01 – via Business Wire.
  39. ↑ Wagner, Kurt (1 December 2021). "Square Changes Name to Block in Nod to New Businesses". Bloomberg. https://www.bloomberg.com/news/articles/2021-12-01/dorsey-s-square-changes-name-to-block-in-nod-to-new-businesses?sref=CIpmV6x8. 
  40. ↑ "Jack Dorsey's Square changes corporate name to Block". https://www.cnbc.com/2021/12/01/square-changes-corporate-name-to-block-.html. 
  41. ↑ "H&R Block Is Suing Jack Dorsey's Block Over Name Change". https://www.bloomberg.com/news/articles/2021-12-16/h-r-block-claims-jack-dorsey-s-block-inc-violates-trademark. 
  42. ↑ Brittain, Blake (2023-04-24). "H&R Block settles trademark lawsuit against Block over name change" (in en). Reuters. https://www.reuters.com/legal/hr-block-agrees-drop-trademark-lawsuit-against-block-over-name-change-2023-04-24/. 
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  45. ↑ Geron, Tomio (2022-01-05). "Square, Clover and Lightspeed are popular, but no POS provider dominates - Protocol" (in en). https://www.protocol.com/fintech/small-business-fintech-survey-2022/small-business-survey-pos. 
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  47. ↑ PYMNTS (2023-05-05). "Block's Cash App Hits 53 Million Monthly Active Users, Direct Deposits up 69%" (in en-US). https://www.pymnts.com/news/mobile-payments/2023/block-cash-app-hits-53-million-monthly-active-users-direct-deposits-up-69-percent/. 
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  50. ↑ Sisario, Ben (2015-03-13). "Jay Z Buys the Music Streaming Firm, Aspiro" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2015/03/14/business/media/jay-z-buys-the-music-streaming-firm-aspiro.html. 
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  66. ↑ "Square works with Victory Park Capital to extend hundreds of millions of dollars to independent businesses". Victory Park Capital. August 19, 2014. http://www.victoryparkcapital.com/news/news_2014_square_works_with_VPC.shtml. 
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  70. ↑ Soper, Alex Barinka alexbarinka Spencer. "Square Files for IPO as CEO Dorsey Juggles Twitter Revamp". https://www.bloomberg.com/news/articles/2015-10-14/square-files-for-ipo-as-ceo-dorsey-juggles-twitter-revamp. 
  71. ↑ Bary, Emily. "Square acquires food-delivery platform Zesty to boost office-catering business" (in en-US). MarketWatch. https://www.marketwatch.com/story/square-acquires-food-delivery-platform-zesty-to-boost-office-catering-business-2018-04-19. 
  72. ↑ Carson, Biz. "Square's Delivery Business Caviar Moves Into Corporate Catering With Acquisition Of Zesty" (in en). Forbes. https://www.forbes.com/sites/bizcarson/2018/04/19/caviar-acquires-zesty-office-lunch/#760d66f41ae3. 
  73. ↑ Balakrishnan, Anita (2018-04-26). "Square to buy Weebly for $365 million". CNBC. https://www.cnbc.com/2018/04/26/square-to-buy-weebly-for-365-million.html. 
  74. ↑ "Square acquires conversational AI startup Eloquent Labs" (in en-US). 7 May 2019. https://techcrunch.com/2019/05/07/square-acquires-conversational-ai-startup-eloquent-labs/. [yes|permanent dead link|dead link}}]
  75. ↑ "Square acquires deepfake research firm Dessa" (in en-US). 2020-02-07. https://venturebeat.com/2020/02/07/square-acquires-deepfakes-research-firm-dessa-labs-for-an-undisclosed-sum/. 
  76. ↑ Weil, Dan (2020-11-25). "Square to Buy Credit Karma Tax for $50 Million, Expanding Reach". https://www.thestreet.com/investing/square-buying-credit-karma-tax-for-50-million. 
  77. ↑ Rosman, Katherine (2021-03-04). "Square acquires majority of Tidal, Jay-Z's streaming service, in $297 million deal." (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2021/03/04/business/media/tidal-square-jay-z-dorsey.html. 
  78. ↑ McCormick, Emily (May 6, 2021). "Square Q1 sales surge 266% as transactions jump amid economic recovery, bitcoin revenue soars". Yahoo! Finance. https://www.msn.com/en-us/money/topstocks/square-q1-earnings-set-to-show-pick-up-in-transactions-amid-economic-recovery-surge-in-bitcoin-revenue/ar-BB1gqwo9. 
  79. ↑ Peters, Jay (August 1, 2021). "Square to buy Afterpay, which offers a 'buy now, pay later' service, for $29 billion in stock". https://www.theverge.com/2021/8/1/22605025/square-afterpay-acquisition-buy-now-pay-later-service-29-billion-stock. 
  80. ↑ "Hindenburg takes aim at Dorsey's payments firm Block, shares plunge". Reuters. March 23, 2023. https://www.reuters.com/business/finance/hindenburg-shorts-jack-dorseys-payments-firm-block-2023-03-23/. Retrieved May 12, 2023. 
  81. ↑ de la Merced, Michael J. (March 23, 2023). "Short Seller Accuses Jack Dorsey's Block of Facilitating Fraud". The New York Times. https://www.nytimes.com/2023/03/23/business/dealbook/hindenburg-block-jack-dorsey.html. 
  82. ↑ Goswami, Rohan; Sigalos, MacKenzie (2023-03-23). "Block shares plunge 19% after short seller Hindenburg says Jack Dorsey's company facilitates fraud". CNBC. https://www.cnbc.com/2023/03/23/block-shares-plunge-after-hindenburg-says-jack-dorseys.html. Retrieved 2023-03-23. 

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