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$300 Million Bar Tab: Lawsuit unfolds over Jack Dorseys Jay-Z connection

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Twitter co-founder and tech billionaire Jack Dorsey faced a lawsuit over his acquisition of Jay-Z’s music streaming service, Tidal, which has been labeled as a “$300 million bar tab” to hang out with the music mogul. While Dorsey is often associated with Twitter, it is his involvement with Block Inc., formerly known as Square, that has contributed significantly to his wealth, according to Yahoo.

In October 2022, Elon Musk’s acquisition of Twitter for $44 billion resulted in Dorsey earning $978 million from his 2% ownership of the company’s equity. However, the real source of his fortune lies in Block, where Dorsey’s 43 million shares are currently valued at around $2.75 billion.

With a net worth of $4.4 billion, Jack Dorsey is known for his penchant for investing in ventures that are considered “cool.” One such venture was the acquisition of Tidal, which raised eyebrows among business analysts and disgruntled Block shareholders. The deal, announced through a tweet featuring Dorsey and Jay-Z in a Hamptons mansion, drew criticism as a lavish expense to socialize with the music icon.

Allegations arose that the idea for Block’s acquisition of Tidal was conceived during Dorsey’s time spent “summering” with Jay-Z in the Hamptons. It was claimed that Dorsey, while in the Hamptons, joined a Block board meeting via Zoom and proposed buying Tidal seemingly out of the blue.

Despite the legal battle brought by shareholders, the Delaware judge ruled against them, emphasizing that engaging in a poor business deal does not violate any laws. This verdict left Dorsey and Block unaffected, even though the acquisition was widely criticized as a “$300 million bar tab.”

The post ‘$300 Million Bar Tab’: Lawsuit unfolds over Jack Dorsey’s Jay-Z connection appeared first on ClutchPoints.

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