Jay-Z joins the board of Jack Dorsey's Square
Twitter CEO Dorsey adds Jay-Z to the board of his payments company after acquiring a significant stake in Tidal.
- I've been covering technology and mobile for 12 years, first as a telecommunications reporter and assistant editor at ZDNet in Australia, then as CNET's West Coast head of breaking news, and now in the Thought Leadership team.
Jack Dorsey and Jay-Z are joining forces.
Square , the mobile-payments company owned by Twitter CEO Jack Dorsey , has added Jay-Z to its board of directors. In an SEC filing Friday, Square said it has expanded its board from 11 to 12 directors to add Shawn Carter, also known as Jay-Z, as reported earlier by MarketWatch.
Square also reached a marketing and sublease deal with Jay-Z's company Roc Nation, according to the SEC filing.
The moves follow Square announcing in March that it would acquire a majority stake in Jay-Z's premium music service, Tidal, for $297 million. On Friday, Square said it completed the Tidal acquisition on April 30 for $302 million.
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"I'm grateful for Jay's vision, wisdom, and leadership," Dorsey wrote in a tweet in March. "I knew Tidal was something special as soon as I experienced it, and I'm inspired to work with him."
Tidal -- a $10 a month music streaming service, or $20 if you want lossless hi-fi audio -- will operate independently under Square. Tidal has a catalog of over 70 million songs and 250,000 music videos.