Thursday, June 20, 2024

Investing in Crypto ‘doesn’t make sense right now’ for Twitter

In an interview with The Wall Street Journal, Ned Segal (CFO of Twitter) shared information about Twitter’s current position regarding investing in cryptocurrencies.. He said that investing in cryptocurrency doesn’t make sense right now.

In order to buy and hold more volatile assets, Twitter would have to change their investment policy. However, the company prefers to invest in less volatile assets.

Twitter reported about $3.47 billion in cash and cash equivalents in September. This is a growth of $1.99 billion in comparison with last year’s report. This is not including the short-term investments of $3.94 billion.

However, Fintech firm Square, which is co-founded by Twitter CEO Jack Dorsey, does hold crypto. Other big companies holding crypto on their balance sheets are Tesla and MicroStrategy.

Twitter sees growth potential for its recently launched subscription services. Twitter is planning to let their users connect their accounts to third-party services, so they can send tips and pay in crypto. Also, Twitter has started a crypto team.

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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