Twitter president Jack Dorsey and hip-hop mogul Jay-Z set out to create a fund for cryptocurrency together.
Dorsey announced on Twitter that the two men would be raising 500 Bitcoins worth about $ 24 million – in initial capital.
The fund aims to finance Bitcoin projects, with an initial focus on development teams in Africa and India.
Dorsey and Jay-Z are looking for other partners and intend to create the project as an “absolute, irrevocable investment fund” neither of which can effectively manage it.
The oldest and most popular cryptocurrency achieved great success over the past week. On Monday, it was revealed that Elon Musk’s electric car company, Tesla, has bought about $ 1.5 billion in Bitcoin and will begin accepting cryptocurrency as payments.
After that, Mastercard said it would accept cryptocurrencies in its payment network.
Twitter’s stock taking off
The share price of the American company that runs the social networking site Twitter rose in trading Friday by 4.4%, to continue its rise for the tenth consecutive day.
And Bloomberg News indicated that the stock is currently trading at its highest level since December 2013 and is nearing its highest level ever.
According to the German news agency, the share price of the microblogging site increased during the last ten days by about 40%, following the company’s announcement that it achieved more than expected revenues during the fourth quarter of last year.
Earlier this week, Moffitt Nathan Sun Inc. raised its Twitter share rating thanks to the company’s revenue growth.
On Tuesday, the company “Twitter Inc.” announced an increase in its net profits during the fourth quarter of last year, compared to the same period of the previous year.
The company’s total profits during the fourth quarter of last year amounted to $ 222.12 million, representing $ 0.27 per share, compared to $ 118.77 million, representing $ 0.15 per share during the same period of the previous year.
The company’s profits, after excluding non-recurring items and placing the variables in the account, amounted to $ 313.03 million, equivalent to $ 0.38 per share.
The company’s revenues during the fourth quarter of last year increased by 27.7% annually to $ 1.29 billion, compared to $ 1.01 billion in the previous year.