Block, formerly Square, announced in a recent shareholder letter that it's reducing investments in music streaming service TIDAL to focus more heavily on Bitcoin mining operations. The company is also shutting down TBD, its Bitcoin-focused division that was working on decentralized internet technologies.

The strategic shift prioritizes Block's Bitcoin mining initiative, which the company reports has "strong product market fit and a healthy pipeline of demand," alongside Bitkey, their self-custody Bitcoin wallet.

This realignment has already resulted in layoffs at TIDAL, with more potentially to come. The streaming service, acquired by Block in 2021, maintains a relatively small team compared to competitors.

Internal communications at Block have also come under scrutiny, with management directing employees not to discuss board member Jay-Z in company emails or Slack messages. This directive coincided with employee questions about Jay-Z's board position and his historical connections to Diddy, who faces serious allegations.

During a subsequent virtual all-hands meeting, CEO Jack Dorsey disabled anonymous questions - a departure from typical company practice - and addressed what he perceived as employee negativity by asking staff to focus on why they're happy to work at Block.

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