New CEO Dorsey Files Square IPO amid Twitter Mass Lay-Offs

Payment processor Square has filed for an IPO to list its stock on the New York Stock Exchange.

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New CEO Dorsey Files Square IPO amid Twitter Mass Lay-Offs

Payment processor Square has filed for an IPO to list its stock on the New York Stock Exchange.

CEO Jack Dorsey, co-founder and now CEO of Twitter concurrently, filed an S1 form with the US Securities and Exchanges Commission, the stock due to be traded under the SQ ticker.

The news was officially released on Square’s Twitter account earlier today:

In the filing, Dorsey further reiterated his continued lip service to Bitcoin within the realm of Square’s remit. He wrote:

“We believe sellers should be able to accept any type of payment, from cash to cards, Apple Pay to bitcoin, and whatever the future may bring, so they never miss a sale.”

The news comes amid mixed fortunes at Twitter. Dorsey’s ascending the managerial throne was followed by his announcement of mass lay-offs among the staff, amounting to 336 job cuts or 8% of the total workforce.

“This isn’t easy,” Dorsey said in a letter to staff. “But it is right. The world needs a strong Twitter, and this is another step to get there.”

In another SEC filing relating to the restructuring, the motivation behind the move hinted at a desire to make Twitter the service a more accessible tool. The site currently suffers from a high incidence of unused accounts after new users become confused and disenfranchised by the “text-heavy” interface, Bloomberg states.

Square's previous announcement in February regarding a partnership with Google on a bitcoin-accepting POS system sent the BTC price shooting up 10%, though there have not been any updates on the project’s status since.  

Jack Dorsey

- Jack Dorsey

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