Jack Dorsey’s Block is reducing its investment in TIDAL, the music streaming platform once owned by Jay-Z, according to a shareholder letter Thursday. Block also shuts down TBD, the Bitcoin-focused arm of the business that previously set out to build a decentralized internet, dubbed “Web5.” These cuts will free the company to invest in Bitcoin mining and its crypto wallet.
“We are scaling back our investment in TIDAL and scaling back TBD,” Block said in a letter. “This gives us room to invest in our bitcoin mining system, which has a strong product market and a healthy pipeline of demand, and Bitkey, our self-storage bitcoin wallet.”
This is the latest cost-cutting effort from the company behind the Square and Cash App. Block laid off employees in recent weeks, according to Fortune, and apparently told employees not to discuss their board member, Jay-Z, in emails or Slack messages.
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