Block, led by Jack Dorsey, announced in a recent shareholder letter that it's reducing investments in music streaming service TIDAL to focus more heavily on Bitcoin mining operations. The company is also shutting down TBD, its Bitcoin-focused division for decentralized internet development.

The strategic shift prioritizes Block's Bitcoin mining initiative and Bitkey, their self-custody Bitcoin wallet, citing strong market demand and product fit. This realignment has already resulted in layoffs at TIDAL, with potentially more to come.

Notably, Block employees were instructed to avoid mentioning board member Jay-Z in internal communications, including email and Slack. This directive came as employees began questioning his board role, particularly in light of recent industry controversies. Jay-Z joined Block's board following TIDAL's acquisition in 2021.

During a subsequent virtual all-hands meeting, Dorsey disabled anonymous questions—a departure from typical company practice—and addressed what he perceived as staff negativity by asking employees to focus on positive aspects of their work at Block.

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