Three Things to know (Feb. 24th)
Feb 24, 2021
1. Square bought $170 million in bitcoin at an average cost of $51,236, a stake equivalent to roughly 5% of its total cash
“The announcement came Tuesday as Square reported that cryptocurrency continues to be a growing part of its business through the use of its Cash App for Bitcoin transactions. The financial payments company’s involvement with Bitcoin is a reflection of Chief Executive Officer Jack Dorsey’s belief in cryptocurrencies and the open internet. Square also bought $50 million worth of Bitcoin in October.” (Bloomberg)
2. WeWork cofounder nearing a $500 million legal settlement with majority shareholder Softbank
“The deal would put an end to a bitter legal battle between Neumann and SoftBank, which saved WeWork from bankruptcy in 2019 when the office group's IPO plans crumbled. This is about half of what SoftBank originally agreed to purchase from Neumann as part of a $3 billion deal it abandoned in 2020, when it was going to buy $970 million worth of shares from Neumann. Neumann sued SoftBank after it walked away from the deal.” (Business Insider)
3. Freelancing platform Upwork surges +18% after reporting blowout earnings and fiscal year outlook
“2020 was a watershed year for Upwork. In the fourth quarter, we achieved our highest year-over-year growth since going public,” said Hayden Brown, President and Chief Executive Officer of Upwork. “Nearly a year into the pandemic, organizations are embracing remote work to unleash the potential of a global workforce of independent talent that gives them the agility, skills and efficiency they need. Our results demonstrate that we are optimally positioned to capture the exciting opportunity ahead by serving customers as the world’s work marketplace.” (Upwork)
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