Sunday , April 5, 2020

Square’s Dorsey Reconsidering His Africa Relocation and other Digital Transactions New briefs from 3/6/20

  • Jack Dorsey, the co-founder and chief executive of Twitter Inc. who also is the CEO of merchant processor Square Inc., told an investor conference he is reconsidering his plan to spend much of his time this year in Africa because of Covid-19, the coronavirus, “and everything else going on,” Bloomberg reported. Elliott Management, an activist investment firm, has taken a sizable stake in Twitter and wants to oust Dorsey, according to Bloomberg.
  • JPMorgan Chase & Co. chairman and chief executive Jamie Dimon had emergency heart surgery Thursday and is in recovery, The New York Times reported. In addition to being the nation’s biggest banking firm by assets, JPMorgan Chase is the nation’s largest credit card issuer and operates the largest bank-owned merchant-acquiring business. The company will be run in Dimon’s absence by co-presidents Daniel Pinto, head of the investment-banking unit, and Gordon Smith, head of consumer banking.
  • Digital-money platform Uphold Inc. launched an account that lets users convert multiple assets, including Bitcoin, XRP, and gold, into fiat currency and spend or withdraw the money with a Mastercard debit card.
  • MoneyGram International Inc. said it is working with Google Cloud and Amazon Web Services as it enters the second year of a strategy to convert to multiple cloud platforms.
  • Insurer State Farm and U.S. Bank announced an alliance in which U.S. Bank will take over existing State Farm deposit and credit card accounts and State Farm will market U.S. Bank deposit products and co-branded credit cards to State Farm customers.

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