1/15/2024 0 Comments Jack dorsey tidal![]() ![]() ![]() According to the court documents, Block’s board knew that Tidal “operated under semi-formal or expired arrangements” with music labels that were also partial owners of the streaming app. We also reached out to the Florida-based police pension fund, and we will update this story if we hear back.Īccording to McCormick, the Block board members weren’t self-interested when it decided to buy Tidal, nor were they being lied to or corralled by Dorsey. Gizmodo reached out to Block for comment, but we did not immediately hear back. On Tuesday, a chancery judge dismissed the case.Īccording to the final decision issued by Chancellor Kathaleen McCormick, CEO Dorsey’s decision to buy Tidal “seemed, by all accounts, a terrible business decision.” Yet at the same time, “a board comprised of a majority of disinterested and independent directors is free to make a terrible business decision without any meaningful threat of liability, so long as the directors approve the action in good faith.” The cops pension fund claimed Dorsey was the sole board member pushing to purchase Tidal, having already loaned Jay-Z $50 million to help the struggling brand. In January, shareholders from the Coral Springs Police Officers’ Pension Plan tried to sue Dorsey and Block for the purchase in Delaware Chancery court. Remembering Enterprise: The Test Shuttle That Never Flew to Space These Winning Close-Up Photos Show Life That's Often Overlooked At the time, Dorsey told users that he wanted to support artists’ work, adding “Making the economy work for artists is similar to what Square has done for sellers.” The purchase also had Jay-Z, AKA Shawn Carter, briefly join Square’s board of directors. That’s good news for Jack Dorsey and his fintech company Block, which managed to fight off a shareholder lawsuit for its 2021 decision to buy Jay-Z fronted music streaming App Tidal, a decision that even to a chancery court judge’s eye was “terrible.”īack in 2021, Block, then still called Square, bought a majority stake in Tidal for $306 million. The courts have reaffirmed big tech businesses’ rights to be incredibly bullheaded, braindead, erroneous, and just plain old dumb, as long as they at least think they’re making the right move. Jack Dorsey’s Block bought up the Jay-Z fronted Tidal in 2021, even though board members knew the company owed millions to record labels. Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square arrives on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on Jin Miami, Florida. ![]()
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