Bitcoin’s Square CFO Sarah Friar Leaves for Nextdoor as (SQ) Shares Over 10%
Square shares have lost over 11% on Thursday due to the fact that its CFO, Sarah Friar, decided to leave the company. Friar informed that she will be taking the job as the CEO of the Nextdoor social network that is currently expanding in the market.
At the same time, Nextdoor CEO, Nirav Tolia, has also announced its plans to step down on Wednesday.
Jack Dorsey, CEO of Square, has also commented on the matter. In a note to employees, he said that he was expecting to work with Sara for a longer period of time.
He wrote on the matter:
“I’m saddened by the news. I was unrealistically expecting to be working with Sarah well into our late 90s (swapping the standup tables for rocking chairs). Unrealistic because I knew of Sarah’s lifelong ambition to run her own company.”
Furthermore, Dorsey wrote a tweet in which he says that he is happy for Sarah. He said that Square is a well-organized business unit as well as Cash, Caviar, Seller, and other companies he runs. Additionally, he mentioned that Square is built to be a durable ecosystem, especially for buying, selling and trading cryptocurrency.
I’m so happy for Sarah. She’s going to be great at running a company. Square is different tho. We’re organized by business unit, like Cash, Caviar, Seller, Capital…and a lead/CEO for each. They are the execution, not me or Sarah. Square is built to be a durable ecosystem. https://t.co/OLcOIbbkXm
— jack 🌍🌏🌎 (@jack) October 10, 2018
At the beginning of October, Square was close to $100 dollars. Since then, the company lost around 35% of its value. At the moment, it has a market capitalization of $29 billion dollars. In addition to it, the company’s stocks are up more than 130% since last year after being focused on Bitcoin and integrating it into its Cash App.
Jack Dorsey has shown its support to Bitcoin saying that it is going to be the currency of the internet in over ten years.