Block scales back TIDAL investment and shutters TBD in favor of Bitcoin mining

In Brief Jack Dorsey's Block is scaling back its investment in TIDAL, the music streaming platform once owned by JayZ, according to a shareholder letter on Thursday. Block is also shutting down TBD, a Bitcoin-focused arm of the business that previously set out to build a decentralized internet, dubbed "Web5." These cuts will free up the company to invest in Bitcoin mining and its crypto wallet. "We are scaling back our investment in TIDAL and winding down TBD," said Block in the letter. "This gives us room ...