Dorsey’s Block bought Jay-Z’s music streaming app Tidal in 2021, leading shareholders from a cop’s pension fund to sue for buying the then-failing company.
that he wanted to support artists’ work, adding “Making the economy work for artists is similar to what Square has done for sellers.” The purchase also had Jay-Z, AKA Shawn Carter, briefly join Square’s board of directors.In January, shareholders from the Coral Springs Police Officers’ Pension Plan tried to sue Dorsey and Block for the purchase in Delaware Chancery court.
The cops pension fund claimed Dorsey was the sole board member pushing to purchase Tidal, having already loaned Jay-Z $50 million to help the struggling brand. On Tuesday, a chancery judge dismissed the case.issued by Chancellor Kathaleen McCormick, CEO Dorsey’s decision to buy Tidal “seemed, by all accounts, a terrible business decision.
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