BlockBeats News, November 8, reported by Coindesk, that Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building devices for Bitcoin (BTC) miners and its self-custody crypto wallets, with part of the funds coming from abandoning the creation of a new decentralized internet called 'Web5' (established in June 2022) and reducing investment in the music streaming app Tidal.
This decision was announced in the same week that Trump won the U.S. presidential election, during which he promised to create a more cryptocurrency-friendly environment in the U.S., with Bitcoin mining being an industry he promised to support during his campaign.
In addition to the letter to shareholders, Block also released its third-quarter financial performance on Thursday. According to FactSet data, the company's revenue was $5.98 billion, below the average Wall Street analyst expectation of $6.24 billion. Subsequently, the company's stock price fell by as much as 10%.
