Jack Dorsey's '$300 Million Bar Tab' To Rub Shoulders With Jay-Z Results In Laws...
source link: https://finance.yahoo.com/news/jack-dorseys-300-million-bar-145048096.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Jack Dorsey's '$300 Million Bar Tab' To Rub Shoulders With Jay-Z Results In Lawsuit
Many people assume that Twitter was the reason for Jack Dorsey’s impressive fortune, but that actually isn’t the case. When Elon Musk acquired Twitter in October 2022 for $44 billion, Dorsey held a modest 2% ownership of the company’s outstanding equity, equivalent to approximately 18 million shares. Dorsey's pre-tax earnings from the Twitter sale amounted to $978 million.
Don't Miss: Why Silicon Valley Elites Are Betting On This Startup’s Vision For Reuniting American Families
The true source of Dorsey's wealth lies in his involvement with Block Inc., a renowned payments company originally known as Square. As one of the co-founders, Dorsey's ownership of 43 million shares in Block has proven immensely lucrative. With the current share price standing at $64, Dorsey's stake is estimated to be valued at around $2.75 billion.
At present, Dorsey's net worth is $4.4 billion. Like many tech billionaires, he leverages his wealth to engage in ventures that many would deem "cool." While this type of investing is commonly used by tech billionaires, retail investors have also begun investing in startups through equity crowdfunding.
According to some business analysts and disgruntled Block shareholders, his acquisition of Tidal, Jay-Z's music streaming service, was nothing more than a "$300 million bar tab to hang out with Jay-Z."
On March 4, the world was taken aback when Block announced its agreement to acquire Tidal for $306 million. The news broke through a tweet from Dorsey that showcased a seemingly casual photo of him and Jay-Z enjoying each other’s company in a Hamptons, New York, mansion at the crack of dawn. The tweet expressed Dorsey's gratitude for Jay-Z's vision and leadership and stated his excitement about working together.
At 5:04 a.m., Dorsey tweeted, "I’m grateful for Jay's vision, wisdom and leadership. I knew TIDAL was something special as soon as I experienced it, and I'm inspired to work with him. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.
FortuneWall Street’s biggest bull called this year’s stock market rally—now instead of a recession, he says ‘the economy is actually slipping into an expansion’
Fundstrat’s Tom Lee is known for his bullish takes. He called a 20% S&P 500 rebound this year, and it’s up over 14% so far.
1d ago
FortuneA professor started tracking ‘Fortune 500 CEO colleges’ 20 years ago, and ‘the results were stunning.’ They haven’t stopped surprising him since
“Like everyone else,” David Kang assumed the Ivy Leagues would dominate, “but the largest place they had gone was to no college at all.”
9h ago
FortuneThe housing market is so detached from fundamentals that a leading research firm predicts the pause in home price declines is about to ‘prove temporary’
Capital Economics just put out a new report titled “Pause in house price declines to prove temporary.”
2d ago
Yahoo FinanceFederal Reserve holds interest rates steady, forecasts two more rate hikes this year
Officials paused in June but signaled a willingness to raise rates again to tame inflation.
7h ago
AP FinanceEx-Starbucks manager awarded $25.6 million in suit over firing after 2018 arrests of 2 Black men
Jurors in federal court have awarded $25.6 million to a former Starbucks regional manager who alleged that she and other white employees were unfairly punished after the high-profile arrests of two Black men at a Philadelphia location in 2018. Shannon Phillips won $600,000 in compensatory damages and $25 million in punitive damages on Monday after a jury in New Jersey found that race was a determinative factor in Phillips' firing, in violation of federal and state anti-discrimination. In April 2018, a Philadelphia store manager called police on two Black men who were sitting in the coffee shop without ordering anything.
10h ago
TipRanks‘Too Cheap to Ignore’: Wells Fargo Sees Compelling Opportunity in These 2 Stocks
Everyone is always on the lookout for the best possible deal – that applies to all walks of life, be it at the supermarket, the top echelons of sport, or the investing world. That said, finding the best deal in the stock market could be a complex endeavor because, while it is probably easy to find equities priced in a low range, there might be a good reason why said names are going for cheap. Therefore, a little help in discerning which stocks are just not worth the time of day and which ones ar
13h ago
TipRanksInsiders Pour Millions Into These 2 Stocks, J.P. Morgan Says They Have up to 175% Upside — Here’s Why You Should Pay Attention
The investing game can appear complicated as there are many issues to consider before leaning into a stock: Is the time right to load up? Are the shares overvalued? Will a beaten-down stock ever recover? All of these concerns are valid, but there are ways to simplify the process, such as examining insiders’ actions. By insiders, we refer to corporate officers who operate “on the inside” and are responsible for the performance of the companies they work for. After all, they have knowledge not ava
1d ago
InvestopediaThe Fed Paused Rates, Here's What It Means for CDs
The Federal Reserve neither raised nor lowered its benchmark interest rate Wednesday meeting—put neither upward nor downward pressure on the rates banks offer on certificates of deposit.
8h ago
Investor's Business DailyUnitedHealth's Bad News Hits Insurers, But Sparks Surgery Partners Breakout
UNH stock slumped after management said more seniors are getting hip and surgery procedures. That sent Surgery Partners stock racing past a buy point.
6h ago
Investor's Business Daily5 Of The Fastest Growing Companies, With Bullish Charts To Top
These 5 stocks are among the fastest growing companies with strong earnings history and projections. All are in bases nearing buy points.
8h ago
Investor's Business DailyCathie Wood Makes Big AI Bets; Is AI Stock A Buy Now?
C3.ai had sales of $72.4 million in the fiscal fourth quarter--in line with the higher end of its preliminary sales numbers.
8h ago
InvestopediaInflation is 4%. Combat It With a 6-Month CD That Pays 5.65%
The May inflation rate was 4%, below top CD rates at terms ranging from 6 months to 5 years. The best-paying CDs could help to mitigate the impact of inflation on your savings.
1d ago
FortuneBill Gates falls another notch on the world’s billionaire list, as AI takes Larry Ellison higher
Oracle shares soar on AI buzz, lifting Ellison’s net worth.
1d ago
BloombergGundlach Doesn’t Think the Fed Will Resume Rate Hikes Soon
(Bloomberg) -- DoubleLine Capital’s Jeffrey Gundlach doesn’t believe the Federal Reserve will continue to raise interest rates anytime soon despite Fed Chair Jerome Powell signaling the resumption of monetary tightening. Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonTrump Urges Prosecutors to Drop Case, Offers Defense PreviewBiggest Losers of AI Boom Are Knowledge Workers, McKinsey SaysNYC’s Rent Surge Defied by New Grads Pursuing a TikTok Lifestyle
6h ago
BenzingaWarren Buffett Has Held This Stock for Over 34 Years — Why He Will Never Sell
Warren Buffett — the Oracle of Omaha — is widely regarded as one of the greatest investors of all time. Don't Miss: Why Silicon Valley Elites Are Betting On This Startup’s Vision For Reuniting American Families Berkshire Hathaway Inc. (NYSE: BRK-A) has returned tens of thousands of percent over the years and consistently outperforms the market. Buffett purchased the company for just $8.3 million in 1965, and it’s now valued at nearly $700 billion, roughly a 10 million percent return. But one of
1d ago
BloombergNvidia Buyback Freeze Follows Perfectly Timed Binge
(Bloomberg) -- Nvidia Corp. made some astute stock buybacks last year ahead of a monster rally fueled by the artificial intelligence frenzy. Now the chipmaker is drawing attention because it stopped buying.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonTrump Urges Prosecutors to Drop Case, Offers Defense PreviewBiggest Losers of AI Boom Are Knowledge Workers, McKinsey SaysKen Griffin Ramps Up Credit Bets, Anticipating US RecessionNYC’s Rent Surge Def
13h ago
FortuneVivek Ramaswamy is threatening GOP heavyweights in the polls–but his business record doesn’t live up to the hype
Yale's Sonnenfeld and Tian retrace presidential hopeful Vivek Ramaswamy's business record.
13h ago
Investor's Business DailyDow Jones Falls After Key Inflation Data; Fed Decision, Powell Comments Later
The Dow Jones fell Wednesday after key inflation data. The Fed's interest rate decision and Fed Chair Powell's comments are later today.
13h ago
Barrons.comBitcoin Slips After Fed Decision. Where Prices Could Go Next.
and other cryptocurrencies were declining after the Federal Reserve’s decision to pause interest rates Wednesday. Digital assets may be particularly vulnerable to the central bank’s projection of a higher terminal rate later this year. The price of has retreated 0.3% over the past 24 hours to about $25,842.14, slipping below the $26,000 and $27,000 range that has dominated for much of the period since the largest digital asset hit a 10-month high above $30,000 in April.
9h ago
ZacksTeck Resources Ltd (TECK) Outpaces Stock Market Gains: What You Should Know
Teck Resources Ltd (TECK) closed at $43.34 in the latest trading session, marking a +0.65% move from the prior day.
5h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK