Tag: Dorsey

Jack Dorsey gets a bank

Jack Dorsey’s Square, the upstart payment processor for smaller merchants, got the OK to open a bank, after nearly three years of trying. Why it matters: Square applied to set up an industrial loan company — a “lite” bank that isn’t subject to Federal Reserve supervision — which hasn’t been approved in more than a decade. It may open the floodgates for companies that want all the perks of being a bank without the same amount of oversight. Driving the news: Square Financial Services, as the fintech’s bank is to be called, will be based in Utah, and — when it opens ... Read more

Twitter CEO Jack Dorsey rethinks Africa plan amid coronavirus outbreak

Twitter CEO Jack Dorsey said at a Morgan Stanley conference in San Francisco Thursday that he was re-evaluating his plan to spend several months in Africa this year. Between the lines: Dorsey specifically blamed the ongoing coronavirus outbreak, though his decision also comes as Twitter struggles with tough content and business issues and as an activist investor, Elliott Management, is seeking his ouster. Of note: Bloomberg reporter Kurt Wagner noted that despite being interviewed on stage for 40 minutes, Dorsey was not asked a direct question about Elliott’s move to have him replaced as CEO. Still, many of Dorsey’s comments ... Read more