A tale of two Jacks

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A tale of two Jacks

This week, two Jacks, seemingly on a similar moon trajectory, suddenly saw one’s fortunes crash unexpectedly. Today’s article tells the tale of two Jacks. Jack Dorsey of Twitter and Square, and Alibaba’s Jack Ma.

Jack Dorsey

Jack Dorsey is one of a few dual company CEOs. He looks after Twitter, as well as Square, of which the Cash app is a part of. In the recent Square Q3 2020 earnings, it was revealed that Cash app generated $1.63B in Bitcoin revenue, and $32M in gross profit, just off bitcoin alone. Take note, this is just for Q3 2020, not year to date!

The bitcoin buying portion of Cash app’s business has grown exponentially, and is expected to increase alongside retail adoption over time. Wall Street analysts had expected Square’s revenue for Q3 to be around $2.08B, but with Cash app outperforming, they blew past that to post $3.03B in total revenue for the quarter.

Dorsey is simply unstoppable, powered by bitcoin.

Jack Ma

Jack Ma’s Ant Group would have been the world’s largest IPO, and helped boost Jack’s already rich coffers even more. Its $37B listing would have valued it above the world’s biggest banks.

This was until the listing was suspended 48 hours before it was due to start trading in Hong Kong and China. This of course, negatively affected Alibaba shares, which fell 8% on the news, reducing Jack Ma’s net worth by a mere $3B.

While the official word on the suspension is due to changes to the fintech regulations, sources suggested that it could have been impacted by what Ma said at a summit in Shanghai on 24 October.

“We shouldn’t use the way to manage a train station to regulate an airport. We cannot regulate the future with yesterday’s means.”

Jack Ma

Famous last words, indeed.

Side Hustle Rich

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