Jack Dorsey’s Square Surpasses Twitter with $30 Billion Market Value as Bitcoin Business Begins to Boom
Jack Dorsey is known for a lot of things in his career with technology and finance, but the two companies he owns that seem to have performed exceedingly well have been Square and Twitter. Square is a financial services provider that helps users make mobile payments through an app, while Twitter is a wildly popular social media platform, which is featured in its own app as well. Though both have done progressively well, it seems that Square has passed the market cap of Twitter.
Since Square has made it possible for users to buy and sell Bitcoin on their platform last year, the platform has more than doubled its own market cap. Square is traded as a stock, and it resided comfortably around $37 per share in November last year. Now, a year later, the same stock is traded at $75.01 and holds a $30 billion market cap.
Twitter has a great amount of traffic and a wide audience, which is why it has maintained a healthy market cap and stock price through the years, unchanged by cryptocurrency. However, with the new boost that Square found, Twitter is lagging behind by about $5 million. Still, with a combined market cap of $55 billion, Dorsey seems to be having great success either way.
The comparison is definitely interesting. At the same time that Square has been allowing Bitcoin to be traded and sold, Twitter has been banning cryptocurrency advertisements for almost the same amount of time, but the value of Twitter has not fluctuated.
Dorsey himself is supportive of Bitcoin and all that it allows investors to do. When Dorsey spoke with Bitcoinist this year, he said, “The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin, but I hope it will be.”