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Square changes its name to Block, days after CEO Jack Dorsey leaves Twitter




Square Inc., the finance company co-founded and run by former Twitter Inc. CEO Jack Dorsey, changes its company name to Block Inc.

The change will take effect later this month, the company said on Wednesday. The ticker symbol remains SQ.

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The move comes just days after Dorsey resigned as Twitter’s CEO. He served as CEO of both companies.

Square said the new name includes the various businesses better than the current name, which is mostly associated with merchant payment services. However, the new name also happens to coincide with Mr. Dorsey̵[ads1]7;s interest in cryptocurrencies and the technology behind them, called blockchain.

TWITTER BUSINESS JACK DORSEY TO GO DOWN

Mr. Dorsey has emerged as one of the highest-profile supporters of bitcoin, and has to some extent used Square as a vehicle for it. “I do not think there is anything more important in my life to work with,” Mr. Dorsey said at a bitcoin conference earlier this year.

The company has about $ 220 million in bitcoin in its corporate treasury. The CashApp business allows users to buy and sell bitcoin. In August, the company started a new unit with the aim of building a blockchain-based exchange for trading in cryptocurrencies.

Ticker Safety Last Change Change%
SQ SQUARE, INC. 194.50 -13.83 -6.64%

Mr. Dorsey was one of Twitter’s four founders. In 2009, he co-founded Square. The first product was a mobile credit card reader for sellers. While Twitter may have a higher profile, Square has become the more valuable company, with a market value of around $ 92 billion compared to Twitter’s $ 35 billion.

Square’s revenue for the 12 months to September was $ 537 million on sales of $ 16.7 billion, according to FactSet. Twitter lost $ 181 million on sales of $ 5 billion in the same period.

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Square is the second high-profile Silicon Valley company to change its name. At the end of October, Facebook changed its name to Meta Platforms Inc., saying that the new name reflected the focus on virtual reality products and platforms called “metaverset”.

Write to Paul Vigna at paul.vigna@wsj.com



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