This week, two Jacks, seemingly on a similar moon trajectory, suddenly saw one’s fortunes crash unexpectedly. Today’s article tells the tale of two Jacks. Jack Dorsey of Twitter and Square, and Alibaba’s Jack Ma.
Jack Dorsey
Jack Dorsey is one of a few dual company CEOs. He looks after Twitter, as well as Square, of which the Cash app is a part of. In the recent Square Q3 2020 earnings, it was revealed that Cash app generated $1.63B in Bitcoin revenue, and $32M in gross profit, just off bitcoin alone. Take note, this is just for Q3 2020, not year to date!
The bitcoin buying portion of Cash app’s business has grown exponentially, and is expected to increase alongside retail adoption over time. Wall Street analysts had expected Square’s revenue for Q3 to be around $2.08B, but with Cash app outperforming, they blew past that to post $3.03B in total revenue for the quarter.
Dorsey is simply unstoppable, powered by bitcoin....